Pradhan Says He Will Ask OPEC For 'Responsible' Crude Oil Pricing

Bloomberg’s Annemarie Hordern reports on OPEC’s upcoming meeting

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014.

It is notable, however, that the spread between the US West Texas Intermediate price ($US62.28 a barrel) and Brent crude ($US73.02 a barrel) has blown out to 12 per cent. We do not want crude at $25 per barrel.

Tankers waiting to load more than 24 million barrels of crude, nearly as much as state producer PDVSA shipped in April, are sitting off the Opec member's main oil port.

However, in late May, oil prices dropped in light of the reports about a possible relaxation of conditions of the OPEC-non-OPEC deal.

USA bank Morgan Stanley said in a note to clients that the trade spat meant that economic "downside risks have risen". Markets in Hong Kong and mainland China were closed for a holiday.

Russian Federation has also said that limiting production for too long could encourage too much production growth from the United States which is not part of the agreement to curb output. The U.S. benchmark in May hit its highest level in three and half years, at $72.35 a barrel.

"Volatility is going to be pretty high this week", said Bob Yawger, director of energy futures at Mizuho in NY.

Despite potential downward pressure from large producers increasing output, Goldman Sachs maintained its bullish outlook.

Oil prices rose on Monday in volatile trade as this week's OPEC meeting raised the specter of production increases and as investors assessed the impact of a trade dispute between the United States and China.

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Notably, the present deal, effective Jan 1, 2017, requires global oil producers to lower their collective output by 1.8 million barrels per day (bpd) to the end of 2018 to shed huge stockpiles.

That was still down $1.23, or 1.9 percent, from their last settlement.

Continuing "security" issues in Iraq, Nigeria and Libya and underinvestment by Mexico and Angola have impacted their output.

"Opec is fractured or fracturing", McKenna said, as Iran, Venezuela, and Iraq "seek to veto the production increase".

The WTI Crude Oil market fell apart during the day on Friday, losing over 4% in closing that the absolute lows.

Rising output from USA shale has stoked worries about potential oversupply, however. Both countries have spare production capacity and raising output even at lower prices would yield significant returns.

The agency noted that if the 2018 and 2019 forecast annual averages materialize, they would be the highest levels of production on record, surpassing the previous record set in 1970.EIA expects that OPEC crude oil production will average 32.0 million b/d in 2018, a decrease of about 0.4 million bpd from the 2017 level. Sharma expects output to climb whatever OPEC agrees. The risk is that Saudi Arabia will choose to go it alone, boosting output. Adding extra pressure are global trade tensions.

China on Saturday threatened an additional 25% tariff on $50 billion worth of United States 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.

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