Oil held below US$69 as rising United States drilling counters OPEC curbs

by Frankie Norman April 24, 2018, 9:16
Oil held below US$69 as rising United States drilling counters OPEC curbs

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Not unsurprisingly, the Saudis want even more; they want their oil market dominance back. At the moment only Russian Federation produces more than the US on a daily basis.

Some investors are skeptical of the Trump administration's opposition to higher oil prices, as generally, they have produced several positive developments in the broader US economy - albeit at the cost of the consumer. "No good and will not be accepted!"

"This is why Saudi Arabia is intentionally keeping the supply of oil tight", Commerzbank said. Saudi Arabia needs to cover weighty domestic spending and attract investors to a partial sale of its state oil company, Aramco.

Since early 2017, the Organization of the Petroleum Exporting Countries, Russia and other non-OPEC crude producers have curbed output with the aim of eliminating a global oil glut.

Higher oil prices mean higher gas prices at the pump for USA consumers, and with the high American driving season still ahead, gasoline prices are set to increase even more.

WTI was available at 80-90 cent premiums delivered to Italy's Augusta, well below offers of Azeri BTC at a premium of $1.60 a barrel, according to trading sources.

"The fear of geopolitical risk, and the reality that supply will tighten again this week, brought the market back", said Phil Flynn, senior market analyst at Price Futures Group.

"I have not seen any impact on demand with current prices", Faleh told reporters, ahead of a ministerial committee for OPEC and non-OPEC producers.

It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term, but it ignored perhaps the most pertinent fact that the more than doubling in oil prices in the past 15 months or so has in turn pushed USA oil production to record levels, something Trump has also boasted about.

The then-presidential contender said the USA should be reimbursed by the countries it provided protection for, even those with vast resources such as Saudi Arabia. Saudi Arabia's Al-Falih echoed that view.

Indian refiners processed 2.7% more crude in 2017-18 than in 2016-17, mainly due to increase in crude oil processed by state-run refineries.

With regard to Iran's gas export project to Oman, he said, "salient progress has been made in our talks with Omani side, so that we are seeking a foreign contractor to construct gas transmission pipeline to Oman".

Now, with Trump's political base threatened by higher global oil prices and well as the USA economy in the crosshairs, it remains to be seen what the President could try to do. The Trump administration has hit fees on metals imports, referred to as upon Mexico and Canada to greatly help modernize the North American Free Trade Agreement (NAFTA) and introduced Washington's withdrawal in the transpacific Partnership contract (TP-PA).

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