Crude Oil Stuck Near USD65 Ahead Of EIA Data

The national consumer watchdog has said Australian motorists are directly paying for the extravagance of oil-rich Middle Eastern nations

The national consumer watchdog has said Australian motorists are directly paying for the extravagance of oil-rich Middle Eastern nations

Some market participants were "a little bit slow putting the pieces together", Kilduff said, but the Trump administration appears to be leveraging the goodwill it built with the Saudis after pulling out of the Iran nuclear deal and restoring sanctions against Tehran, Saudi Arabia's chief regional enemy.

Benchmark indices for crude oil were mixed throughout much of the previous session after reports circulated that the U.S. was calling for more oil from OPEC tacitly to protect against steady declines from Venezuela and possible declines from Iran. The American Petroleum Institute was said to report nationwide crude inventories declined by over 2 million barrels last week.

OPEC-member Iraq said on Wednesday that a production increase was not on the table as the market was stable and prices good. Saudi Arabia took this decision because high oil prices could help the stock exchange float of the Saudi Aramco's stake.

Washington was anxious that the sanctions would curb deliveries from Iran and push oil prices up, the sources said.

The US government has asked Saudi Arabia and a number of other OPEC members to increase their production by around one million barrels a day, Bloomberg reported yesterday, citing anonymous sources.

OPEC and its allies led by Russian Federation have cut a combined 1.8 million barrels per day of output since January 2017 and the cuts are due to expire at the end of 2018.

Oil prices on Thursday rose on the back of plunging exports by OPEC-member Venezuela, recovering some ground lost in the previous session, although another surge in USA production still weighed on markets, traders said, Reuters reports. This was against analyst expectations of a drop in crude inventories by 1.3 million barrels.

OPEC and Russian Federation meet on June 22/23 to discuss production policy.

However, Saudi Arabia and Russian Federation have said cuts could be eased after receiving calls from consumers including the United States, China and India to support global demand. USA crude oil stockpiles were forecast to have fallen for the second consecutive week, a preliminary Reuters poll showed on Monday. That compared with 9.6 million bpd in April.

Aramco raised pricing for all grades to Northwest Europe and the Mediterranean region and for most crudes to the US, where only Extra Light was left unchanged.

"The decline in Venezuelan supplies has been bigger than market expected".

Kazempour said the group would unite in opposition to the USA request. "The countries will not risk a landslide in prices after suffering from the oil crash of 2014", Benjamin Lu of Singapore-based brokerage Phillip Futures said on Friday in a note.

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