Monday, 18 June, 2018

Oil gains on Venezuela export cuts, OPEC production levels

Oil Prices dip on fall in China demand Crude Resumes Its Downward Trajectory on Fears of Oversupply
Priscilla Morrison | 10 June, 2018, 22:55

More generally, Brent has been pushed up by the voluntary production cuts put in place past year, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation.

Oil prices could jump to $140 a barrel due to the U.S. sanctions against Iran and Venezuela, Iran's OPEC governor Hossein Kazempour Ardebili told Reuters on Friday.

In an address to reporters after his meeting with EU's energy chief Miguel Arias Canete in Tehran last month, Iranian Minister of Petroleum Bijan Zangeneh said Tehran's oil exports to remain unchanged if a nuclear deal signed between Iran and the P5+1 group of countries in 2015 is salvaged by the European Union following the United States withdrawal from the multinational accord.

Oil ministers from Saudi Arabia and Russian Federation are set to talk next week, fueling speculation that two of the world's biggest crude exporters may be ready to wind down historic production limits, reported Bloomberg.

US President Donald Trump said in April oil prices were artificially high because of Opec.

"After Saudi Arabia and Russian Federation made the suggestion that Opec starts lifting output in the second half, the market has been on its heels", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen.

The US sanctions on Iran's petroleum industry will take effect after a 180-day "wind-down period" ending on November 4 but many European refiners are already winding down Iranian oil purchases.

More news: Trump says Cavs, Warriors won't be invited to White House

The implementation of the agreement has started from the beginning of 2017 and has been twice extended, most recently - until the end of 2018. It will be followed by a meeting of the OPEC countries on June 22 and a meeting of all 24 OPEC member countries on June 23, at which quotas for production reduction can be revised.

However, Saudi Arabia and Russian Federation have said cuts could be eased after receiving calls from consumers including the United States, China and India to support global demand.

According to the Iranian official, OPEC will not accept the United States request because "OPEC will not accept such a humiliation".

"No one in OPEC will act against two of its founder members".

A shuttered Caribbean oil refinery once owned by Venezuela's state oil company and Hess Corp might get new life just in time to meet upcoming changes to ship fuel regulations. "How arrogant and ignorant one could be (to) underestimate the history of 60 years' cooperation among competitors".

"We have to live together - we can not change geography but we must build better history", he said.

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