US' Trump takes aim at OPEC for 'too high' oil prices - Oil

Oil Prices and OPEC

US' Trump takes aim at OPEC for 'too high' oil prices - Oil

The nations would proportionally share out a 1.8 million barrel-a-day increase to their output limit starting as soon as July, the person said, asking not to be identified because the information isn't public.

Monday's talks between Sanjiv Singh, head of IndianOil, India's largest refiner and fuel retailer, and top executives of Chinese oil companies also looked at investing - either jointly or separately - in expanding USA oil and gas export infrastructure to raise shipments to Asia as a counterbalance to OPEC, sources said.

OPEC is committed, along with 10 non-OPEC producers including Russian Federation, to a 1.8 million b/d cut agreement that is scheduled to run through the end of 2018.

Preliminary data for May 2018 indicated that global oil supply increased by 270,000 bpd month-on-month to average 97.86 million bpd, representing an increase of 1.74 million year-on-year.

Uncertainty about global oil demand and an increase in US fuel prices overshadowed U.S-North Korean talks to push oil prices slightly lower early Tuesday.

Brent crude futures were last up 6 cents at $76.80 a barrel by 0915 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 12 cents at $66.76 a barrel.

In the US, the crude stockpile decline was steeper than estimated by analysts in a Bloomberg survey, and also ran counter to an industry report a day earlier showing an increase.

But the rising output was met by strong demand, which traders said prevented prices from falling further.

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The US is said to have lobbied Saudi Arabia and other members, arguing they need to raise output by 1 million barrels a day to keep prices in check.

Oil prices ticked higher Thursday after data showed a decline in US petroleum inventories. That would be the catalyst for prices moving higher, not lower, because it could precipitate a regional arms race, said Croft.

In the United States, the American Petroleum Institute (API) reported on Tuesday that crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million.

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. Saudi Arabia says it is ready to temper prices by raising supply.

"Prices are unlikely to increase as sharply as they did from mid-2017 onwards and thus the dampening effect on demand will be reduced", the Paris-based organization said in its latest monthly report published Wednesday.

Saudi Arabia last month signaled it was ready to boost output in the second half of the year to ease consumer anxiety about higher prices, a policy U-turn for the kingdom that only weeks earlier advocated for production restraint.

The 14 oil-producing nations in OPEC - Saudi Arabia, Iran, Iraq, Kuwait and Venezuela among them - produce about 40 percent of the world's oil, but about 60 percent of the oil traded on global markets.

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