‘Low oil production, price may limit implementation of 2018 budget’
22 June, 2018, 22:44 | Author: Sara Gill
Any decision to increase production during Friday's meeting is expected to see crude oil prices fall further.
Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. A separate meeting of OPEC members and non-members, .
Saudi oil minister Khalid Al-Falih told reporters this morning there would not be an immediate flood of oil into the market, suggesting the impact would not be seen until the end of the summer, the Guardian reports.
Iran's oil minister, Bijan Namdar Zanganeh, questioned this week whether OPEC is united enough to reach any agreement, and said Trump had politicized the debate over oil prices.
Trump's involvement in pressing for OPEC to act - which in addition to his tweets include a behind-the-scenes request for a 1 million-barrel-a-day supply hike - could make it hard for Tehran to accept a compromise.
Saudi Arabia, backed by non-member Russian Federation, is arguing that the time has come to raise production in order to meet growing demand and appease major consumer countries like the United States, India and China who have complained about the spike in prices.
The Iranian publication Seda quoted anonymous sources as saying Zanganeh told the other producers that the proposed increase would pave the way for cuts in Iranian oil output that are likely to result from a reimposition of USA sanctions against Iran in the fall.
Front-month USA crude futures extended their rally during the session, trading as much as $1.51 a barrel above the second month contract.
Reuters reported that the reinstitution of usa sanctions in November could cut Iran's oil output of almost 4 million barrels a day by a third.
But the proposal has run into resistance from Iran, Iraq and Venezuela, who would struggle to immediately raise output and fear losing market share and revenues if other countries open the spigots.
"What strikes me most is the great alignment, the very strong alignment between the interests of producers and consumers and many people underestimate how much alignment of interests there is between producers and consumers of petroleum", he said in his speech. Zanganeh has said the president is to blame for high prices because of his unilateral withdrawal from the global nuclear agreement.
Oil prices fell 2% after the Saudi minister spoke, before recovering slightly. He said Opec could meet again in September to adjust the deal.
EUR: Eurozone PMI data for June had been generally mixed with the service reading rising to a 4-month high at 55, above forecasts, while manufacturing remained stagnant at an 18-month low of 55, which was in line with expectations as increased trade war tariff tensions continued to weigh on the manufacturing sentiment. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the UAE, Oman, Kuwait, Algeria and Venezuela.
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