Related – Oil Price Prediction: Door Open to $80 Per Barrel

At a June meeting, the oil cartel and allies including Russia agreed to hike output, but oil prices continued to increase despite the announcement.

“Let’s see how fast this ramps up from Russia and from Saudi,” Zahir added. “If Saudi does come through and gets up to a 2 million barrel increase in production, then I think we can see prices come down.”

For more information on the energy sector, visit our energy category.