Bloomberg: Oil slumps as Saudis and Russia say reviving output on the table

Published May 28, 2018 at 9:50 am

Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members to assess compliance with production cuts and to discuss potential long-term cooperation, in Jeddah on April 20, 2018.Saudi Arabia hopes to bring Russia into the fold of an expanded club of global oil giants to sustain a stable market, leaving OPEC's role in question, analysts say. / AFP PHOTO / Amer HILABI

Photo by AFP

Oil headed for its longest run of losses in almost four months as Saudi Arabia and Russia said they are discussing reviving output to ease consumer anxiety after prices jumped to levels last seen in 2014.

Brent futures that traded above $80 a barrel last week slumped below $75 in London Monday, while crude in New York dropped 3.1 percent. Saudi Arabia and Russia signaled they’ll restore some of the output they halted as part of a deal between OPEC and its allies that went into effect in January last year. Still, with opposition from several producers, it’s not clear whether the group will reach a consensus when it meets in Vienna next month.