ibusinesslines.com
ibusinesslines.com August 18, 2018


Saudis, Russia to Talk Output Boost Ahead of OPEC Summit

13 June 2018, 11:15 | Kelvin Horton

Kai Pfaffenbach Reuters

Russia & Saudi Arabia to talk oil on World Cup sidelines as teams meet on pitch

Trump sparked the latest back-and-forth on Wednesday when he renewed his attack on OPEC, saying in a tweet that oil prices are too high and blaming the cartel.

Pumped further by global trade war fears, oil prices have since surged to multi-year highs, only to then fall back again somewhat, the IEA said.

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said on Wednesday.

US ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies.

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The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Moscow will also support extending the OPEC/non-OPEC alliance into next year-with or without new production levels, depending on the oil market conditions, according to Bloomberg's source. But the countries pushing for looser policy face staunch opposition from Iran and Venezuela, both under sanctions from Washington. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

Reaching an understanding between Russian Federation and Saudi Arabia may prove easier than obtaining a wider agreement among the 24 countries bound by the agreement first struck in late 2016.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the USA and European oil futures contracts. Trump wrote on Twitter in April. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! Trump tweeted in April. "At current prices US oil producers are still losing money".

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline. "Maybe they are actually way too low".



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