Tuesday, 23 October, 2018

Saudi won't up oil export in July in blow to Trump

Chairman of the Joint Technical Committee and Saudi governor for OPEC Adeeb Al Aama in this file Chairman of the Joint Technical Committee and Saudi governor for OPEC Adeeb Al Aama in this file
Lloyd Bates | 21 July, 2018, 15:43

Oil prices fell on Thursday after official data showed an unexpected rise in U.S. crude stockpiles, U.S. output hit a record high and major oil exporters increased production. The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was up 41 cents at $69.87 a barrel, while the more traded September contract fell 8 cents to $68.16.

WTI was trading up 0.35% at $67.99 on the news, with Brent crude still trading down 0.82% at $72.30 at 2:24pm EDT.

Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and Russian Federation increased production and as some supply disruptions eased.

He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are "without basis". India, the world's fastest growing oil user, could bridge the surplus by up to $4 billion through oil imports alone, government officials said in April.

"With Russia quick to offer the President a supply olive branch and Saudi Arabia mainly in his back pocket when it comes to increasing their supply, its challenging to see (the) gasoline numbers turning the bearish market's tide", he said.

-China trade war and the specter of mounting supplies from Saudi Arabia, the US and Libya triggered concern about renewed oversupply. This making traders nervous because it suggests not only a trade war, but a currency war may be brewing.

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This is the reason why he has spent so much time with his administration making sure that this doesn't happen again. "I've had it. But during his CBS chat on Wednesday, Trump went as far as saying he personally confronted Putin when they met in Helsinki .

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The U.S. Energy Information Administration said on Wednesday domestic crude production reached a record 11 million bpd last week.

Although global demand for oil is growing, OPEC has tried to control the call for more oil to inflate prices - which is good for the OPEC economies but bad for everyone else. Natural gas does not trade in the same way oil does in the global markets, making OPEC-like arrangements extremely unlikely between any countries.

The official's sentiment is a major step back from the bold USA policy objective of reducing Iranian oil exports "to zero" following President Trump's withdrawal from the Iranian nuclear deal in May. United States crude prices had reached a session high of $70.17 earlier in the trading day. The objective is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed US sanctions on Iran are returning.

Gasoline stocks rose by 425,000 barrels, compared with expectations in a Reuters poll for a 44,000-barrel decline.

Prices also received a boost after OPEC's largest oil producer, Saudi Arabia, said it would temper its exports next month.

OPEC had announced it would add 1 million bpd of crude to the market.

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