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According to sources, Saudi Arabia and Russia are discussing a 1 million day increase in output of OPEC and non OPEC oil producing countries. A few weeks ago, US President Trump complained that oil prices were artificially pushed up.
Saudi Arabia and Russia's energy minister said on Friday that the two countries were ready to relax cuts in production in order to soothe consumers' worries about adequate supply; and Saudi energy minister de France added that even a loosening of the production limit would be gradually implemented to avoid the market.
The increase in production will relax the 17 month production limit. Oil prices hit a high level of $80.50 a barrel at the end of 2014 this month, raising concerns that oil prices have gone up too high.
Trump issued a tweet last month, saying that OPEC artificially pushed up oil prices.
"When we saw this twitter, we were meeting in Jeddah," said OPEC Secretary General Barkin, referring to the April 20th meeting in Saudi Arabia.
"I think Mr Herman reminded me that we may well need to respond. We OPEC members have always been proud of being friends in the United States, "Barkin said at an important economic forum in Russia.
OPEC officials said that barking said "need to respond", referring to a tweets published on the same day, rather than need to take action.
People who know about the matter say that the increase of about 1 million barrels per day will reduce the implementation rate to 100%.
Oil prices fell more than 2% on Friday to close to $77 a barrel, as Saudi Arabia and Russia said they were ready to ease supply constraints.


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