Crude oil prices were lower Friday morning amid conflicting reports on OPEC’s production outlook.
Reuters reports that Iran is upset with the U.S. request for Saudi Arabia to raise oil production drastically to offset a drop in Iranian exports. Tehran tells Reuters that OPEC will not comply with such a request.
However, CNBC reports: “Saudi Arabia and Russia are reportedly ready to increase oil output while others like Iran and Iraq are against such a move.”
OPEC meets June 22 to discuss the issue, but Russia and Saudi Arabia are meeting the week before.
WTI light sweet oil was down 30 cents at $65.59 a barrel, near a recent 2-month low.
Baker-Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1159 and U.S. Rig Count was 1060.