NEW YORK, May 25 (Xinhua) -- Oil prices decreased on Friday as major crude producers were reportedly considering easing the production limits they put in place last year.
The West Texas Intermediate (WTI) for July delivery decreased 2.83 U.S. dollars to settle at 67.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was down 2.35 dollars to close at 76.44 dollars a barrel on the London ICE Futures Exchange.
Energy ministers from Russia and Saudi Arabia said at a meeting on Friday that the Organization of the Petroleum Exporting Countries (OPEC) and Russia were ready for a gradual exit to the existing output-cut deal, which has aimed to keep 1.8 million barrels a day off the market since January 2017, according to Reuters.
The move is planned to compensate for falling production in crisis-stricken Venezuela and anticipated export disruption from Iran, which faces renewed U.S. sanctions.
Oil prices struck multi-year highs earlier this month after U.S. President Donald Trump announced the United States would withdraw from the Iran nuclear deal and restore energy sanctions on Tehran. Enditem
