EnergyWatch

Risk of increased production sends oil prices down

Russia has indicated that the country will gradually increase oil production after it has held back supply under the OPEC agreement since last year.

Photo: /ritzaui/AP/Hasan Jamal

Oil prices declined slightly Friday mornings in the wake of indications from Russia that the country will gradually increase oil production after holding back supply since last year due to an OPEC deal.

The OPEC countries have cut down on oil production since 2017 in order to boost prices from the low level of the past few years, and Russia in particular is expected to put an end to production cutbacks, reports Reuters.

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