Saudis and Russia Open the Oil Taps While the Market Shrugs

Two countries have added 1 million barrels a day since June
Oil stays near 4-year high as Putin blames Trump for gains

Russian Energy Minister Alexander Novak says there’s always risk of oil prices going too high.(Source: Bloomberg)

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By Elena Mazneva, Annmarie Hordern, and Dina Khrennikova

October 3, 2018 at 2:15 PM UTC

Updated on

October 3, 2018 at 11:01 PM UTC

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Russia and Saudi Arabia are pumping an extra 1 million barrels a day of oil and could do even more. Yet the market doesn’t seem to care.

After their September meeting in Algiers spurred prices to a four-year high, the world’s two largest oil exporters sought to send a clearer signal to ease the price worries of consumers, and the U.S. president.