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"I remain optimistic over achieving delivering oil market stability", says Al Mazrouei

22 June 2018

Russian Federation has also said that limiting production for too long could encourage too much production growth from the United States which is not part of the agreement to curb output.

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and President of the Organisation of Petroleum Exporting Countries (OPEC) Conference for 2018, has expressed his optimism over regaining balance to the worldwide oil market, thanks to the cooperation between the OPEC, and its partners.

EIA now forecasts global petroleum and other liquids inventories will increase by 210,000 barrels per day (b/d) next year, a factor that, all else being equal, typically puts downward pressure on oil prices.Most of the growth in global oil production in the coming months is expected to come from the United States. Some OPEC members back increasing output by the lower end of the 300,000 to 600,000 barrel a day range, one of the people said. The IEA predicted that Venezuela's oil output could fall to just 8,00,000 b/d or even lower next year, from 1.36 million b/d in May and following a 1 million b/d fall over the last two years. Within the group, Venezuela's oil output has collapsed to the lowest since the 1950s due to industry mismanagement, and Iran's petroleum exports are subject to renewed USA sanctions. Meanwhile, Nigeria's Bonny Light crude oil has maintain an global price of $73.44 per barrel, higher than the Organisation of the Petroleum Exporting Countries (OPEC) basket price of $73.35 per barrel. Trump complained at least twice, on 20 April, and then again on 13 June, about oil prices.

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The Saudis are under pressure, notably from Donald Trump, to raise output and bring to a halt steadily rising crude prices.

Zanganeh said he would leave Vienna on Friday before OPEC holds talks with non-OPEC producers the next day and added a recent rise in oil prices was mainly the fault of Washington, which imposed new sanctions on OPEC members Iran and Venezuela.

An OPEC technical panel has found that global oil demand is on pace to stay strong in the second half of this year, suggesting that the oil market could comfortably absorb a production increase without sending oil prices plummeting, Reuters reported on Tuesday, citing three OPEC sources.

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"There are other countries that do not want to reduce the cuts".

That was still down $1.23, or 1.9 percent, from their last settlement. "A meaningful increase in long-haul flows from some of the key OPEC exporters would go a long way in turning the crude tanker market around, especially since it will impact the physical market as well as provide a boost to the all-important market psychology". However, most OPEC members are not able to increase production at this stage due to lack of investment and sanctions.

China on Friday said it would retaliate by slapping duties on American export products, including crude oil.

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Iran said over the weekend that it would veto any proposal for a production increase with the support of Venezuela and Iraq.