The oil price has been sent back to approximately USD 75 per barrel, as Saudi Arabia and Russia have signaled increasing production from OPEC countries by approximately 100 million barrels per day, according to Reuters.
Earlier in May, the oil prices hit their highest level in over than three years after sanctions against Iran and a low output in Venezuela prompted concerns that oil stocks had to reach a low level.
Get full access for you and your coworkers.Start a free company trial today
Already a member? Log in.