Markets

Trump, Iran trade sharp words over oil prices ahead of OPEC meeting

Trump, Iran trade sharp words over oil prices ahead of OPEC meeting

OPEC and Russian Federation decided together in 2016 to cut their supply in order to push prices up following a crash in prices induced by a global crude production glut.

"While oil demand in the US, China and India shows some upside potential, downside risks might limit this potential going forward, including a slowdown in the pace of economic growth in some major economies, stronger impact of policy reform with regard to retail prices, and further substitution toward natural gas", according to OPEC.

Since early in 2017, however, OPEC has coordinated with Russian Federation, another oil-exporting country that is not an OPEC member, to try to regulate global supplies. United States light crude was 40 cents lower at $65.96.

The U.S. move has put pressure on European and Asian clients to stop importing Iranian oil or doing business with the country. "The withdrawal from OPEC + will not be discussed", he said, confirming that Putin's meeting with the crown prince of Saudi Arabia will be held on Thursday.

OPEC, a group of 14 oil-producing nations, is expected to meet again later this month.




"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added. "Put the exports of crude on top of that, and it's just a really bullish report".

Traders are holding their breath for the June 22 meeting of oil ministers from Opec member states in Vienna.

"More oil from OPEC plus is the base case", said Bjarne Schieldrop, analyst at Swedish bank SEB. "Unofficial sources have said Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".

The agency is forecasting global oil demand will grow by 1.4 million barrels per day (bpd) in 2019 - topping 100 million bpd in the second quarter of the year. Oil prices are artificially Very High!

"Prices will be above $150 in less than two years", he tweeted on Wednesday.


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