At least three OPEC members disagree with Saudi Arabia and Russian Federation on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as consuming nations are warning of a shortage. "Oil prices are artificially Very High!"
By Debjit Chakraborty Two of Asia's largest crude buyers are considering teaming up to buy USA supplies and counter Opec's dominance in the world's biggest oil market.
In a welcome move, India and China are working on combining their forces to counter Opec's ability to dictate crude oil prices.
Earlier in the session, Brent and US crude had fallen on concerns about rising production in the USA and expectations OPEC and other producers could relax voluntary output cuts. But the rising output came amid strong demand, which traders said prevented crude prices from falling further.
Shortly after Trump's tweet on Wednesday, Senate Minority Leader Charles E. Schumer, D-N.Y., took to Twitter to respond.
The price of West Texas Intermediate, the North American benchmark, was trading lower by 33 cents at $66.03 U.S. per barrel following Trump's comment.
Israel president asks Prince William to take 'message of peace' to Palestine
His great grandmother Princess Alice, is recognised by Yad Vashem as Righteous among the Nations for hiding Jews during the Shoah. Prince William started his busy Israel tour Tuesday with a visit to Jerusalem's Yad Vashem Holocaust memorial.
According to secondary sources, total OPEC crude oil production averaged 31.87 million bpd in May, an increase of 35,000 bpd from the previous month.
USA crude output has risen nearly 30 percent in the last two years to a record high of 10.9 million barrels per day.
This comes a week before the June 22 OPEC Vienna meeting. Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high??
"More oil from OPEC+ is the base case", said Bjarne Schieldrop, analyst at Swedish bank SEB.
The International Energy Agency - which advises consuming nations - said earlier Wednesday that output from Iran and Venezuela could drop by 1.5 million barrels a day, or nearly 30 percent, by the end of next year because of USA sanctions and economic upheaval.
The country boosted production after the US lifted sanctions related to Iran's nuclear program in 2016, but analysts expect output to fall when the Trump administration's decision to withdraw from the deal takes full effect later this year.
It is "inevitable" that OPEC and partners will agree next week to gradually roll back some of the production cuts that have been in place since January 2017, Saudi Arabia's Energy Minister Khalid al-Falih said on Thursday in Moscow. Prices last month were further boosted to the highest level since 2014 after a USA decision to reimpose sanctions on Iran threatened to curb exports from the Islamic Republic and as economic turmoil in Venezuela hurt the Latin American nation's output. According to the industry experts, both the countries are reportedly ready to increase their oil output, with new streamlined oil and gas projects in both Middle East and Africa.