OPEC's meeting on 22 June likely to increase crude output
30 June, 2018, 21:46 | Author: Frank Williams
The group is also contending with internal differences: Saudi Arabia favors easing output curbs implemented a year ago after they succeeded in shrinking a global glut, while Iran, Iraq and Venezuela oppose boosting production.
In April, Trump also blasted OPEC on Twitter, accusing the group of "artificially" raising oil prices.
Production cuts by OPEC have led to global oil prices hitting a four-year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices. The block accounted for about 83 per cent of India's total crude oil imports, 98 per cent of its LPG imports and 74 per cent of its LNG imports during the last financial year ended March 31, 2018.
India today voiced its concern over high worldwide oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers.
U.S. President Donald Trump repeated criticism of OPEC in another tweet on Wednesday, blaming the group for keeping prices too high. But the rising output came amid strong demand, which traders said prevented crude prices from falling further.
"I think the Trump tweet makes the Saudi's job of getting compromise at the OPEC meeting tougher", said Joe McMonigle, senior energy policy analyst at Hedgeye Potomac Research in Washington. That was a result of an increase in supply from Russia, Venezuela and other Opec nations desperate for cash and an important new arrival on the scene - fracking firms in the U.S., which had begun pumping huge quantities of oil and gas.
"The demand metrics here are wonderful for crude oil and gasoline", said John Kilduff, a partner at Again Capital in New York, Reuters reported.
The price of West Texas Intermediate crude oil is now $66.60 a barrel.
Cumulative crude oil output from Nigeria's oil industry decreased from 1.88million barrels per day (mbd) in April to 1.73 mbd in May, indicting steady decline as host community issues and social instability in operating environment begin to impact production.
"More oil from Opec+ is the base case", said Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB.
Prices peaked in late May, scraping the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.
Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration (EIA). Moscow will also support extending the OPEC/non-OPEC alliance into next year-with or without new production levels, depending on the oil market conditions, according to Bloomberg's source.
Russian Energy Minister Alexander Novak told reporters that members of the OPEC-plus production cut deal can consider returning up to 1.5 million bpd to the market gradually.
Crude oil prices were mixed in European trading Thursday morning as the market searched for signals on how OPEC will resolve rising divisions over the future of the production cut agreement, and digested a surprise drop in United States crude stocks.
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