World oil prices rose on Wednesday during Asia trading due to increase threat of Venezuela export cuts, Reuters informs. However, the growth was limited among news that US government asked Saudi Arabia and some other members of OPEC to increase output.

As Reuters became aware, state company PDVSA is considering the possibility to announce force majeure for some export contracts due to significant output decline and tankers shortage at ports.

Brent price increased to $75,65 a barrel after falling to the lowest level since May 8 on Tuesday. WTI oil prices grew to $65,81 a barrel.

OPEC and Russia will meet on June 22-23 to decide how much they will increase production amid decline in world inventories and Venezuela export. Earlier, it was announced that output will be increased by 1 million barrels a day.

WTI discount to Brent oil dropped to $9,88 a barrel after data on US inventory reduction.