Published: Fri, June 22, 2018
Finance | By Cynthia Curry

Pradhan Says He Will Ask OPEC For 'Responsible' Crude Oil Pricing

Pradhan Says He Will Ask OPEC For 'Responsible' Crude Oil Pricing

"The focus will be on replacing Venezuelan losses", the bank said. U.S. President Donald Trump has continued to criticize OPEC on his Twitter account.

Resistance is being led by Iran, deeply wary of any move by regional rival Saudi Arabia that could push down oil prices at a time when Tehran faces renewed sanctions following US President Donald Trump's decision to quit its global nuclear deal, which is likely to send the country's oil exports plummeting.

Tankers waiting to load more than 24 million barrels of crude, nearly as much as state producer PDVSA shipped in April, are sitting off the Opec member's main oil port. In June, crude oil has been trading at about USD75-76 per barrel.

There's one other factor to consider, Roberts said, and that's the U.S. dollar. "Volatility is going to be pretty high this week", said Bob Yawger, director of energy futures at Mizuho in NY.

In the run-up to meetings of Opec and its allies in Vienna this week, several nations have floated plans for production increases, but no consensus has emerged for what is likely to be a fractious meeting.

Meanwhile, Hindustan Petroleum Corporation Limited (HPCL) Chairman Mukesh K. Surana also said fuel prices may be lowered post the upcoming OPEC meeting.

OPEC's second and third largest producers Iraq and Iran have said they would oppose steep output increases as it would breach previous agreements to keep production cuts in place until the end of the year.

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The US shale sector could be expected to fill in some of the gap in output from the declines elsewhere.

Expressing his optimism over regaining balance to the worldwide oil market, Al Mazrouei said: "Looking ahead, I remain optimistic that we will fulfil our goal of delivering sustainable oil market stability, which is meant to serve the long term interests of producers, consumers and the global economy". Earlier in April, he had slammed the OPEC for keeping the prices "artificially very high".

'Opec typically put aside political rivalries and agree on economic ones, but there is no disputing the current differences, which will make this meeting much more controversial and uncertain, ' said Rebecca O'Keeffe, head of investment at Interactive Investor.

Trump has called on OPEC to raise output, and Saudi Arabia and Russian Federation said in recent weeks the world needed more oil.

The NYMEX July crude contract was also under pressure from a rising U.S. rig count, which rose by one for the week that ended June 15 to 863, oilfield service provider Baker Hughes said Friday in its weekly report.

China on Saturday threatened an additional 25% tariff on $50 billion worth of USA goods, including energy and agricultural products, in response to President Donald Trump's decision to place similar tariffs on the same annual value of Chinese product imports. "It's more of a threat than anything", said Joe McMonigle, senior energy policy analyst at Hedgeye Potomac Research. They all sort of hate each other. "China trade tensions escalated last Friday", wrote Benjamin Lu of Singapore-based futures brokerage Phillip Futures.

USA bank Morgan Stanley said in a note to clients that the trade spat meant that economic "downside risks have risen". Venezuela's oil exports are falling by tens of thousands of barrels every month while Iranian exports can fall by 200,000 and a million barrels a day by next year.

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