U.S. to ask OPEC for 1 million barrel a day output hike: Report

June 5, 2018
The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to unnamed sources.

Bloomberg said Tuesday the rare request came now that retail gasoline prices in the US have moved to highs not seen in three years.

There have been concerns on Wall Street and in Washington about the effects of a imposition of sanctions against Iran, which the White House has called for, which could drop daily crude production by 1% in an already stressed oil market.