Russia, Saudi seek raised OPEC output of 1.5 million bpd

Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday. OPEC and Russia decided together in 2016 to cut their supply in order to push prices up following a crash induced by a global crude production glut. An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.