Oil prices rise amid Venezuela export concerns Oil&Gas 09:47

Oil prices higher on Venezuela exports concerns

Please OPEC Please! The Energy Report 06/05/18

Iran would benefit less than Saudi Arabia from an increase in supplies if it can not raise output, as well as receive a lower price for existing production.

WTI settles at $64.73/bbl, down 79 cents, or 1.21%, on the day.

Once again, fundamentals exacerbated the concerns of crude traders on Wednesday, with news of another surprise build in US stockpiles resulting in the West Texas Intermediate benchmark dropping 1.2 percent.

Crude oil prices are continuing to diverge as global benchmarks rise relative to land locked WTI.

According to the EIA, US crude inventory saw a build of 2.072 million barrels to 436.584 million barrels for the week ended June 1.

I'll 'feel' if Kim Jong Un is serious at summit
When asked about eventual normalization of ties, he said: "That is something I would hope to do that when everything is complete". The U.S. and North Korea have disagreed about what "denuclearization" would actually entail.

JP Morgan cut its 2018 crude forecast for WTI by $3 to $62.20 a barrel, traders said.

Venezuela's Oil Ministry didn't immediately respond to requests for comment.

Benchmark Brent oil futures dropped as much as 2 percent to $73.81 a barrel in London trading after the USA request was reported, according to Bloomberg, but later recovered to $75.34.

OPEC members exported a total of 24.86 million barrels a day last year, down by 406,000 barrels compared to the prior year total, with most (62.6%) sent to the Asia-Pacific region.

The US was anxious that the sanctions on Iran would move oil prices up. The top three producers a year ago were Russian Federation with daily production of 10.35 million barrels, Saudi Arabia with 9.96 million barrels and the United States with 9.36 million barrels. The contract added 77 cents to US$65.52 yesterday.

India, China ink 2 MoUs, Xi accepts Modi’s invite for informal summit
The declaration will hold details of the significant mechanism for resisting the global terror activities. President Donald Trump's scheduled meeting with North Korean leader Kim Jong Un on June 12.

In fact, Saudi Arabia wants to IPO Saudi Aramco, their state-owned oil company and needs prices to stabilize near $80 per barrel for the IPO to be considered successful.

Riyadh, Tehran's arch rival, has always been a close Washington ally, but direct pressure on a member of Organization of the Petroleum Exporting Countries (OPEC) over oil policies is rare.

OPEC will meet on June 22 and needs a consensus of all members to officially change its output policy.

On Friday, OPEC's third-largest producer Iran criticized a US request that Saudi Arabia pump more oil to cover a drop in Iranian exports and predicted that OPEC would not heed the appeal. "We always have conversations with the United States about the stability of the oil market".

"I think it is going to be very choppy", he said.

First 'Bond girl' Eunice Gayson dead at 90
Sylvia Trench was due to be a recurring character, but the idea was dropped by the director of Goldfinger , Guy Hamilton. She also appeared on TV in " The Saint " (starring future Bond Roger Moore), " The Avengers ", and " Secret Agent ".

Latest News