"You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said in a statement to Reuters, referring to his country and Venezuela. Saudi Arabia says it is ready to temper prices by raising supply. "Not good!", the president tweeted on Wednesday morning.
Our survey of industry production calculations from Nigeria showed that the country has been struggling to keep up to the 1.8 mbd output limit imposed by the Organization of Petroleum Countries (OPEC) which is collaborating with 10 other producing nations to control supply glut in the export market. In May, oil supply increased in the US, Canada, Brunei, Brazil, Kazakhstan, Azerbaijan, and Ghana month-on-month, while declines in production were seen in Mexico, Norway, the UK, Australia, Colombia, Egypt, and China.
Also weighing on prices was another rise in US oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million bpd last week, according to the Energy Information Administration (EIA) on Wednesday.
Saudi Arabian Crown Prince Mohammed bin Salman and President Vladimir Putin are meeting in Moscow tomorrow to discuss oil policy on the sidelines of the opening match of the FIFA World Cup.
"The prospect of easing supply curbs from Opec-led producers continues to be reflected in oil's overall depressed price", Otunuga said.
The rising stocks are in part a result of the surge in USA crude oil production C-OUT-T-EIA, which has jumped by 28 percent in the last two years, to a record 10.8 million barrels per day (bpd).
Iran's OPEC governor, Hossein Kazempour Ardebili, fired back at Trump in a statement to Reuters.
The price for Brent has been more or less range-bound in the mid- to upper-$70 per barrel range, leaving consumer fuel prices elevated.
Russian Federation and Saudi Arabia are leading a campaign to justify rolling back some of the OPEC/NOPEC production cuts, and are facing opposition from a bloc within OPEC consisting of Iran, Venezuela, and Iraq who oppose boosting production, also because those three don't have the spare capacity to lift production, unlike Russian Federation and the Saudis.
US crude inventories fell by 4.1 million barrels, to 432.4 million barrels.
The president has been vocal about his dissatisfaction with oil prices in the past. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!
Oil Alliance The oil-buying alliance may initially be made up of India and China, with South Korea and Japan - also major buyers - joining the club later, the Indian government official said on Wednesday.