Donald Trump Sought Saudi Oil Support Ahead of Nuclear Deal Decision
10 June, 2018, 03:14 | Author: Regina Lloyd
Falling Venezuelan oil output helped push crude benchmark Brent to more than $80 a barrel last month, but prices have eased since then on talk of higher supply by other members of the Organization of the Petroleum Exporting Countries.
Light, sweet crude for July delivery fell 0.3% to $65.74 a barrel on the New York Mercantile Exchange.
One of the key features of oil markets recently has been the widening discount of US WTI crude versus Brent, which has nearly quadrupled since February to more than $11 per barrel, its steepest discount since 2015.
OPEC will meet in Vienna on June 22 to decide whether the group and non-OPEC producers, including Russian Federation, should raise output to make up for any supply shortfall from Iran and Venezuela. USA light crude was down 15 cents at $65.37.
Oil prices could jump to $140 a barrel due to the USA sanctions against Iran and Venezuela, Iran's OPEC governor Hossein Kazempour Ardebili told Reuters on Friday.
Oil prices rebounded on Tuesday on expectations that inventories in the United States may decline, but increasing US production and concerns that OPEC may raise output continue to weigh on sentiment.
Donald Trump asked for Saudi Oil Support one day before he announced the end of Iran Nuclear Deal.
Oil rose by almost $1 a barrel yesterday, lifted by concern about a steep drop in exports from Venezuela, although surging USA production kept gains in check.
"It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", Kazempour said in comments to Reuters.
In late April, Trump in a tweet criticized OPEC for high oil prices.
OPEC-member Iraq said on Wednesday that a production increase was not on the table as the market was stable and prices good.
Investors are waiting for the official inventories report to be issued by the U.S. Energy Department's Energy Information Administration at 1430 GMT.
"For the first time, the Saudi oil minister called us and said "we are revisiting our policy on oil output cuts", Indian Oil Minister Dharmendra Pradhan said.
OPEC will meet on June 22 and needs a consensus of all members to officially change its output policy.
Global oil supply has tightened with the OPEC-led production cuts that began in early 2017.
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