Saturday, 23 June, 2018


Oil prices drop on prospect of rising supplies

Conrad Doyle | 13 June, 2018, 19:38

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the previous year. The cartel is meeting next week, where it will consider pulling back from the deal.

Lukman Otunuga, analyst at futures brokerage FXTM, said higher oil production and forecasts of more to come were undermining prices. In late May, that decline reversed and the price oil declined as Russian Federation and Saudi Arabia indicated a willingness to accept lower prices.

"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.

The president has been vocal about his dissatisfaction with oil prices in the past. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the USA has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and US sanctions on Iran.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

However, it is unclear whether other nations will commit to raising production.

As oil prices continue to fall, the American Petroleum Institute (API) reported a mild build of 800,000 barrels of United States crude oil inventories for the week ending June 8, compared to analyst expectations that this week would see a much larger draw in crude oil inventories of 2.744 million barrels. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell.

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