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MARKET WATCH: Crude oil benchmarks tumble more than $2/bbl
Oil & Gas Journal: Oil futures prices dipped more than $2/bbl on both London and New York markets on May 25 after the energy ministers of Saudi Arabia and Russia reportedly discussed easing production-cut targets during a meeting in St. Petersburg.
Saudi Arabia Energy Minister Khalid al-Falih said May 25 that the Organization of Petroleum Exporting Countries and its allies are likely to increase production to address rising oil prices.
Production-cut targets by OPEC and other major producers since Jan. 1, 2017, have resulted in lower world oil supply in support of higher prices. OPEC is scheduled to meet in Vienna in June to discuss oil prices, which have risen in recent weeks.
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