Pradhan to raise fuel hike issue at OPEC meeting

22 June, 2018, 15:58 | Author: Barbara Daniel
  • Crude Oil

Brent crude futures were at $74.69 per barrel at 6:46am GMT, down 65 cents, or 0.9%, from their last close.

On the rising oil prices in the country, the minister assured that the government would leave no stone unturned to keep these products within the reach of the common man. If allocated proportionally among all members of the group, only about two-thirds of that volume is likely to flow to the market because countries including Venezuela and Mexico are unable to raise output. But the organisation's most recent monthly report also points out that the oil demand outlook is beset by risks including slowing economic growth in major economies, a withdrawal of fuel subsidies in several key markets, and a continuing shift from oil to natural gas and renewables.

Following a sharp increase in crude prices from their sub-$30 per barrel lows in 2016, the group on 22 June will meet in Vienna to discuss forward policy.

"Crude oil prices crashed as U.S". Those who hate me call me crude."I worry for my future; everyone now talks down on me". The report also noted the potential for supply growth from sources including the US, Brazil and Canada.

That was still down $1.23, or 1.9 percent, from their last settlement.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said there would likely be oil price volatility in the week ahead of the meeting. It appears that OPEC could increase production, and if they do that will bring a lot more supply onto the marketplace. It's believed Saudi Arabia wants to pump more, as does Russian Federation, a key non-Opec member, but poorer Opec members would rather see prices continue to rise.

Due to the staunch opposition to any production increase from the faction led by Iran and Venezuela, analysts expect this week's OPEC meeting to be a very hard one, comparing it to the 2011 meeting, which the then Saudi Oil Minister Ali al-Naimi described as "the worst OPEC meeting of all time", Commerzbank commodities analyst Carsten Fritsch told Reuters. And some Opec members want prices to go higher to help them meet their country's budgets. Venezuela experiences severe production outage, and already lost 350,000 barrels / day this year with the decline accelerating. Saudi Arabia has been discussing different scenarios that would raise production by between 500,000 and 1 million barrels a day, according to people familiar with the matter.

The WTI Crude Oil market fell apart during the day on Friday, losing over 4% in closing that the absolute lows. Shortly after, since the US shale production wasn't able to offset the production cuts that OPEC and non-OPEC nations made, oil prices rose significantly through 2017 up to 2018 and that made the Trump administration anxious about the effect of higher prices on Trump's political stance. The simple law of supply and demand should continue to drive this market down, and if we continue the bearish pressure, breaking below the uptrend line at essentially the $64 level, the market will unwind to the $62 level, and then the $60 level.

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