Feds unclear Saudi, Russia oil output will keep prices low

The federal government says it’s “uncertain” whether Saudi and Russian oil output will be enough to offset Iran’s cuts after sanctions kick in, according to new projections released on Wednesday.

The Energy Information Administration assumes “some supply increases” coming from major producers in 2019, but a lot is resting on the June 22 meeting of the Organization of the Petroleum Exporting Countries and non-OPEC countries like Russia.

“Depending on the outcome of the June 22 meeting, however, the magnitude of any supply response is uncertain,” it said…

 

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