Russia is raising its oil production

Oil prices dropped somewhat, as a result of negative forecasts from JPMorgan late last week that non-OPEC countries are expected to raise their production seriously in 2019.
They will be led by the United States, along with Russia, Brazil, Canada and Kazakhstan, the US investment bank said.
In addition, downward pressure on oil prices also revealed that Russia's production in May was over 11 million barrels a day, or above the country's target of producing less than 11 million barrels.
Next, the appreciation of the dollar, pending the Fed's decision to raise the interest rate again, also has its impact on the price of "black gold".
The number of oilfields in the United States has risen to 862, according to Baker Hughes. This is their highest level since March 2015. This suggests that US production, which is already at a record of 10.82 million barrels per day, may continue to rise in the future.
Oil prices, however, have changed their negative course, following comments by the oil minister of Iraq, that oil-producing countries should not be pressed to produce more oil.