Oil Holds Gain as U.S. Stockpiles Fall While OPEC Remains Split
Oil Holds Gain as U.S. Stockpiles Fall While OPEC Remains Split
Iran, Venezuela supply gap to dominate OPEC meet: IEA
16 June, 2018, 09:39
Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration (EIA).
Rising oil prices have created question marks over the strength of demand, but the IEA left its oil demand growth forecast for 2019 largely unchanged, at 1.4 million barrels a day (mb/d), similar to this year's level.
In 2017, OPEC began cutting about 1.8 million barrels per day to support the market. In response, Saudi Arabia, Iran's rival and the largest producer in OPEC, said it would consider increasing supply.
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Brent crude LCOc1 was up 87 cents, or over 1 percent, at $76.75 a barrel by 1:38 p.m. EDT (1938 GMT).
This development may be threatening the current expectations on oil revenue for Nigeria's 2018 fiscal plan which propelled the National Assembly to revise the oil price benchmark for 2018 budget as well as the expected revenue and expenditure.
The president's tweet comes ahead of a two-day meeting that OPEC and other producers will attend beginning June 22 in Vienna to discuss future policy on output. Most of that non-OPEC supply growth would come from the USA, it said.
President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.
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The Organisation of the Petroleum Exporting Countries (Opec), together with some non-Opec producers including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and push up prices.
"With oil producers" cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an "oil buyers club' that can negotiate better terms with sellers as well as getting more USA crude oil to cut dominance of the oil block", India's Petroleum Ministry tweeted.
There are concerns that oil supplies from Venezuela, which is experiencing economic turmoil, and Iran, which will see a re-imposition of US sanctions following the U.S.' withdrawal from a nuclear accord, could decline, prompting a supply shortage and further upward pressure on prices.
The price index for all consumer items for the 12 months ending in May increased 2.8 percent.
And a fifth OPEC source said that if OPEC decided next week to raise output it would not be with "immediate effect" and would be gradual, suggesting supply would not rise for three to four months after a June decision.
Most of the other OPEC nations are reportedly upset with Saudi Arabia for not consulting them prior to such comments and hints, and most of the OPEC members-excluding the Saudis and some of its Gulf allies (Kuwait, the UAE)-will not be able to lift production significantly in order to offset lower oil prices.
But the rising output came amid strong demand, which traders said prevented crude prices from falling further.
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