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Iran rebuffs Trump's call for OPEC to increase oil output

22 June, 2018, 15:59 | Author: Melinda Barton
  • Brent Crude Oil

Brent crude oil price reached USD80 per barrel for the first time since November 25, 2014. Meanwhile, Nigeria's Bonny Light crude oil has maintain an worldwide price of $73.44 per barrel, higher than the Organisation of the Petroleum Exporting Countries (OPEC) basket price of $73.35 per barrel. The amount of increased oil output that is being discussed in the framework of the OPEC + agreement is fully correlated with the decline made by Venezuela in the last 1.5 years. But the organisation's most recent monthly report also points out that the oil demand outlook is beset by risks including slowing economic growth in major economies, a withdrawal of fuel subsidies in several key markets, and a continuing shift from oil to natural gas and renewables.

Analysts expect the group to consider an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016. Russia, by far the largest non-member to join OPEC's cuts agreement, has said it would be happy with lower crude prices and appears keen to start up new fields.

OPEC, the intergovernmental body that coordinates and stabilizes global oil markets, is expected to convene on Friday for one of its semi-annual meetings. Those who hate me call me crude."I worry for my future; everyone now talks down on me". India is also going to be a part of it.

The market was expecting an increase of around 1-1.5 million barrels.

"But to that extent, the development coming ahead of the Opec meeting adds to the nervousness in the oil markets", he said.

"There will be an OPEC conference in Vienna on 22 June.Whenever we have met OPEC members, we have told them that crude oil prices should be controlled, reasonable, responsible and should meet demand". It isn't yet a done deal, as Iran is opposed to increasing production and Brent futures recovered after reports of a much smaller compromise output hike.

Saudi Arabia and Russian Federation seem to have agreed to export more oil to bolster the country's economy, to the detriment of fellow Opec members such as Iran, Venezuela who want higher oil prices. Russia, under pressure from domestic oil companies keen to develop new fields, has said the total increase should be up to 1.5 million barrels. Markets in Hong Kong and mainland China were closed for a holiday. Output in Saudi Arabia jumped by 85,500 barrels a day, but was partly offset by production outages in Nigeria, Venezuela and Libya.

China on Saturday threatened an additional 25% tariff on $50 billion worth of USA goods, including energy and agricultural products, in response to President Donald Trump's decision to place similar tariffs on the same annual value of Chinese product imports.

Matt Smith, director of commodity research for ClipperData, says the Saudi oil minister has been signaling that a boost in production is coming.

But Goldman Sachs analysts said in a Monday note that despite an expected increase in OPEC output, weaker emerging market demand and a burgeoning trade war between the United States and China, the oil market remains in deficit.


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