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Supply rise hits price

16 Июня 2018

Russian and Saudi production has been held back voluntarily since 2017, when the Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started supply cuts aimed at propping up prices. A weekly market report from US motor club AAA said the national average retail price for a gallon of gasoline was at a point where consumers may be changing their habits.

"Oil prices are too high, OPEC is at it again".

With demand for oil strong, Morgan Stanley said the group's "production is likely to creep higher".

Asked about the Russia-Saudi Arabia match, Falih said: "It will be a tight game". "Not good!" the president said.

Opec and other producers will meet on 22-23 June in Vienna to discuss future production policy.

The U.S.is putting pressure on OPEC members to increase production as global benchmark prices flirt with $80 a barrel, raising pump prices in the months before the U.S. votes in midterm elections that could decide which party controls Congress.

The International Energy Agency forecast last month that global crude oil demand would rise by 1.4 million barrels per day (bpd) in 2018, down from an earlier estimate of 1.5 million bpd.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price action", said Lukman Otunuga, analyst at futures brokerage FXTM.

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"Producers from within and outside Opec have not yet reached the goals set", Iraqi Oil Minister Jabbar al-Luaibi said in a statement.

However, it cautioned that there are possible downside risks to the demand outlook, including "the possibility of higher prices, a weakening of economic confidence, trade protectionism and a potential further strengthening of the US dollar".

India's crude imports were 4.57 million bpd in the January-May period, up 272,000 bpd from the same period a year ago, according to vessel and port data and industry sources.

Pradhan's meeting with the envoys of OPEC (Organisation of Petroleum Exporting Countries) follows India's talks with China on Monday for an oil alliance, during which one of the proposals on the table envisaged Indian refiners buying equity crude directly from Chinese companies with stake in overseas projects instead of the spot market. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Trump's complaints about Opec come amid expectations of a more costly United States summer driving season.

Oil prices were relatively flat in response to the uncertainty. With record amounts of Oil all over the place, including the fully loaded ships at sea.

The price for Brent has been more or less range-bound in the mid- to upper-$70 per barrel range, leaving consumer fuel prices elevated.

Canada and the European Union have announced plans to increase tariffs on selected US goods in response to USA duties on steel and aluminum imports.

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Supply rise hits price