India, China join hands to set up oil buyers club

Trump renews attack on OPEC ahead of group's production meeting

Trump renews attack on OPEC ahead of group's production meeting

As Bloomberg writes in an article "Iran Expects OPEC to Stick to Supply Limits", the Organization of Petroleum Exporting Countries and its partners will meet next week and debate whether to restore output halted previous year.

Official U.S. production and inventory data is due to be published on Wednesday by the Energy Information Administration.

"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group.

Opec said on Tuesday that the oil market outlook in the second half of 2018 was highly uncertain and warned of downside risks to demand.

"Let's face it, it seems like Opec's policy will more than likely change come June 22 - 18 months of hard graft and quite frankly, astounding compliance by all members has done its job and flat price is up at a dizzying height of $76 per barrel", said Dubai-based Matt Stanley, Fuel Oil Broker, Freight Investor Service.

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.

"Prices will be above $150 in less than two years", he tweeted. "You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said, referring to his country and Venezuela.

While Venezuela is a member of OPEC, "the disaster in Venezuela, which has created a hole in the market, is not the fault of OPEC", said Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry.

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"Draws in crude oil inventories, healthy oil demand and geo-political developments have supported this rising trend".

On Tuesday, the USA government's Energy Information Administration raised estimates for global oil demand in 2018.

As per the report, India and China are considering ways to improve the import of United States crude to Asia, a move which is aimed at reducing their dependence on the OPEC, as per an official in New Delhi. Saudi Aramco, as the company is known, earlier this month raised pricing on key crude grades for buyers in Asia to the highest since 2014, giving a sign it sees sufficient demand for its crude in that market.

Because the cuts have gone deeper than intended, overall supply from the group would still be about 1 MMbpd below the pre-cuts levels even after the 1.8 MMbbl quota increase, the person said.

OPEC's effective leader Saudi Arabia and Russian Federation will also have the chance to talk before the Vienna meeting.

US President Donald Trump has personally called on Saudi Arabia to increase output to curb rising prices and help boost the economy.

Kuwait's output dropped to 2.7 million bpd in May from 2.705 million bpd in April while Ecuador recorded a decrease of 1,000 bpd to 516,000 bpd in May.

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