U.S. Asks OPEC for 1 Million Barrel a Day Oil Output Hike

President Trump criticized OPEC for raising prices too high
Saudis, Russia have proposed gradual increase in second half

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The U.S. government is said to have asked OPEC to raise output. Bloomberg’s Stuart Wallace reports.(Source: Bloomberg)

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By Jennifer Jacobs, Javier Blas, and Grant Smith

June 5, 2018 at 9:30 AM UTC

Updated on

June 5, 2018 at 12:32 PM UTC

This article is for subscribers only.

The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the matter.

The rare request came after U.S. retail gasoline prices surged to their highest in more than three years and President Donald Trump publicly complained about OPEC policy and rising oil prices on Twitter. It also follows Washington’s decision to reimpose sanctions on Iran’s crude exports that had previously displaced about 1 million barrels a day, or just over 1 percent of global production.

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