United States oil prices rally amid Iraqi oil minister's remarks

Oil prices slip as US and Russian supplies grow

In fact, Reuters reported that Saudi Arabia has informed five Asian refiners that it will supply full contractual volumes of crude oil in July, five sources with knowledge of the matter said on Tuesday. Global oil supplies were already getting tight before Trump vowed last month to exit the Iran nuclear deal and impose "powerful" sanctions on the OPEC nation. "The U.S. tried it last time against Iran, but oil prices got to $140 a barrel".

USA crude's relative gains were the result of profit-taking on the wide spread between the two benchmarks, said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

Saudi Energy Minister Khalid al-Falih said he expected a reasonable and moderate agreement next week when OPEC and non-OPEC oil producers meet. But the Saudis were shot down by much of the rest of the group, which opposed lifting output.

Although not exactly the same, the differences back then echo those of today.

The price is obviously a result of supply and demand. When OPEC agreed to cuts, some members, notably Iraq, took quite a lot of convincing that it was necessary to start cutting, and it looks like now they will need equally intensive convincing that it's time to stop cutting. Venezuela's output is falling fast. Libya and Nigeria seemed to have hit a temporary ceiling, with security issues always looming as a supply risk.

Russian Federation too is showing signs of a weaker commitment to supply cuts as its production increases before talks with OPEC about the future of the accord for limiting output. "Imagine if this increase in the United States production did not happen, we would be at.an environment that is not very healthy for the world economy", he said. Officials from Iraq and Algeria made negative comments over the past week about the possibility of higher output.

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Cheryshev chipped the ball over two Saudi defenders in the 43rd minute and shot over goalkeeper Abdullah Al Muaiouf's right side. From then on, things continued to go well for the Russians as the Saudis struggled to stay in the game.

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But Saudi Arabia could even boost production beyond its stated output capacity of about 12.5 million bpd, possibly adding another 1 million bpd of what is known as surge capacity.

Meanwhile, the global economy is strengthening and fueling higher demand for oil. Still, it will be somewhat of a formality for most members since they can't increase production anyway.

Saudi Arabia has signaled that it may seek a loosening of the quotas to offset anticipated continued declines in Venezuela and the impact of U.S. sanctions on Iran, and Russian Federation has also said it would like to raise output to head off additional growth from United States shale producers.

"Meanwhile, global oil companies are alive to the risks, and are looking to get greater bang for each barrel they possess".

Surely, oil prices have had a solid run to the upside.

These developments are setting the stage for a tense meeting later this month at which OPEC and allies are expected to discuss reversing some of the cuts to offset potential supply disruptions.

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