World International Affairs As oil prices have risen under White House pressure on foreign nations to curb Iran’s oil exports, Russia and Saudi Arabia have “quietly” responded by increasing production to keep prices low. The world ’s top two oil producers struck a deal to raise output starting last month and continuing through December, Reuters reported Thursday. The news comes as the benchmark Brent crude price has increased to $85 per barrel, up 27 percent over the same time last year. With the implementation of U.S. sanctions in August and a second round coming into effect next month, analysts have raised concerns that prices could rise even further without other producers stepping up to fill the gap. According to a Reuters source, energy ministers from Riyadh and Moscow “agreed to add barrels to the market quietly with a view not to look like they are acting on [President Donald] Trump’s order to pump more.” Another source confirmed that the Saudi minister told the U.S. the kingdom would increase supply if customers request more. Russian President Vladimir Putin shakes hands with Saudi Crown Prince Mohammed bin Salman during their meeting at the Kremlin in Moscow on June 14. YURI KADOBNOV/AFP/Getty Images Last… Read full this story
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