Saudi Arabia And Russia Could Raise Oil Production By 1 Million Bpd

Saudi Arabia and Russia are talking about bringing back online 1 million bpd to the oil market, the Wall Street Journal reported on Thursday, citing sources familiar with the matter. They have not reached an agreement. This is largely in line with what analysts from ING Bank expect, which is that OPEC+ will agree to boost its combined output by 500,000 barrels daily at today’s meeting and add to that Saudi Arabia’s reversal of voluntary cuts of 1 million bpd, but are upbeat about the market’s ability to absorb this. “The…