Oil prices fall as US crude production hits another record

14 Juin, 2018, 09:39 | Auteur: Auguste Feret

In his first attack on the oil producing cartel on April 20, President Trump tweeted: "Looks like OPEC is at it again".

IEA's scenario showed that by the end of next year output from these two countries could be 1.5 million bpd lower than now, amid USA sanctions against Iran and the production collapse in Venezuela.

The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.

The full organization, plus non-members like Russian Federation who agreed to take part in the earlier round of production cuts, are meeting June 22 and 23 in Vienna.

Prices were pulled down by another rise in US oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", the IEA said. "The boom in U.S. oil and gas production gives us greater leverage against Opec", an official said.

The Schork Report Publisher Stephen Schork on the outlook for oil prices.

On the sidelines of the opening match of the World Cup on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman will meet to discuss oil policy, Bloomberg added.

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Trump's complaints about OPEC come amid expectations of a more costly USA summer driving season.

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.

On Wednesday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club.

OPEC and Russian Federation decided together in 2016 to cut their supply in order to push prices up following a crash in prices induced by a global crude production glut. Key producers, including Saudi Arabia and Russian Federation, have reaffirmed the deal since then.

Jason Bordoff, a Columbia University professor and former energy adviser to President Barack Obama, said politicians always fret when gasoline prices rise before a big election.

Charles Schumer, the leader of Senate Democrats, recently linked $3-plus gasoline to Trump's decision to revive sanctions on Iran.

US production of oil came in at 10.9 million barrels per day last week, according to data released Wednesday by the US Energy Information Administration, up almost 17 percent from the year-ago level.

This could lead to a supply gap in crude late next year if OPEC can't make up for lost production, the IEA said in its monthly report Wednesday. OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production.

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