Oil prices rise ahead of OPEC’s June 22 meeting

Iran Rules Out OPEC Deal As Russia Saudi Push For Oil Output Hike

USA crude inventories fell by three million barrels to 430.6 million barrels up to June 15, according to an American Petroleum Institute report on Tuesday.

Iran had been expected to oppose any rise in crude output, but it has now signaled it may support a small increase.

The oil market would normally hear a decision, and typically react, on the same day as the meeting of OPEC members, which is set for this Friday, "but this time could be different", said Phil Flynn, senior market analyst at Price Futures Group.

"In the long term, this will have a negative effect on the global economy even if, in the short term, it might be positive for other non-US producers", Rainer Seele, chief executive at Austria's oil company OMV, said in Vienna where OPEC officials and ministers and top oil industry executives attended a seminar this week.

Saudi Arabia urges OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran shows signs of wavering.

Also supporting prices was a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank.

But Iran has called on the group to resist pressure from U.S. President Donald Trump, who moved to reimpose sanctions on Tehran last month after announcing he would pull the United States out of Iran's nuclear agreement with world powers.

"Our customers have spoken loudly and we must listen to them", Falih said.

The intensive negotiations between ministers in Vienna this week are the culmination of a process that has whipsawed oil markets for weeks.

Google launches Podcasts app for Android
The company has launched a new Android app called simply Google Podcasts complete with ubiquitous AI for personalized suggestions. Google recommends users connect to Wi-Fi while using the web client , but it should still work even when using mobile data.

Venezuela's production outlook remains uncertain, and recent outages in Libya may also weigh on decision-makers' minds.Wood Mackenzie think-thank said OPEC could increase output by a more dramatic 1 million b/d, adding a further 0.3 million b/d from Russian Federation to bring the total gain closer to 1.5 million b/d.

OPEC and its allies have since a year ago been participating in a pact to cut output by 1.8 million bpd.

"This shows that China is a significant outlet for United States crude exports and the early indications are that the exports would be much higher in Q2 2018 given the lower WTI-Brent differential which made the arbitrage to Asia look more attractive", Sivanandam noted.

A production increase on Friday would undo a cut agreed on in late 2016 that has since then helped push up the price of oil by nearly 50 percent.

The deal looked to be in line with many analysts' forecasts.

"That would be a good target to work with", Al-Falih said on the eve of an OPEC summit in Vienna, Austria.

The Friday morning meeting came after Zangeneh on Thursday abruptly walked out of a meeting chaired by Falih, saying that the discussions had not gone well and doubting whether OPEC could reach any consensus.

"This puts Saudi Arabia in a tough position, as unanimity is needed for any accord to be reached", it added.

Related News:

  • Sarri set to raid Napoli after Chelsea appointment

    Sarri set to raid Napoli after Chelsea appointment

    Chelsea have agreed compensation terms with manager Antonio Conte and his backroom staff . And Chelsea aren't the only club with an interest in the forward.
    Lionel Messi 'light years' ahead of Diego Maradona - Sergio Ramos

    Lionel Messi 'light years' ahead of Diego Maradona - Sergio Ramos

    The Barcelona star , 30, later admitted to being "hurt" after missing a decisive penalty that would have put his side ahead. I have no doubt that a goal from the penalty kick would have changed everything.
    Mexican fans celebrate victory against Germany in first game

    Mexican fans celebrate victory against Germany in first game

    Marquez first appeared for Mexico at the 2002 World Cup and has since gone on to feature in 2006, 2010, 2014 and now 2018. It was a strike fit to win any match, and Costa Rica could not find a way back into the game.
  • New Zealand PM Jacinda Ardern welcomes newborn daughter 'to our village'

    New Zealand PM Jacinda Ardern welcomes newborn daughter 'to our village'

    Ardern announced she was pregnant with her first child in January, just three months after entering the prime minister's office. An instagram of the baby captioned "Welcome to our village wee one", had reached 10,000 likes after just a few minutes.

    Instagram launches IGTV & you can Upload/Watch hour-long Videos

    There are no ads on IGTV today, but that would be a "reasonable place to end up", Instagram CEO Kevin Systrom said at the event. The user can swipe up to explore a range of long-form videos from tabs like, "For You", "Following", and " Popular ".
    Lozano, Mexico top Germany in thrilling Group F opener

    Lozano, Mexico top Germany in thrilling Group F opener

    Eighteen of its shots came in the second half, when it enjoyed a 2-to-1 advantage in time of possession. And we're going to prepare for the next match", he said.
  • North Korean Leader Kim Jong Un Visits China

    North Korean Leader Kim Jong Un Visits China

    An announcement could come this week to suspend the major joint military exercises, South Korea's Yonhap news agency reports. Kim could ask for a withdrawal of or a reduction in United States forces in South Korea - a longstanding goal in Pyongyang.
    At Least 5 Dead After SUV Carrying Illegal Immigrants Crashes - Timothy Meads

    At Least 5 Dead After SUV Carrying Illegal Immigrants Crashes - Timothy Meads

    Another passenger, also reported to be a USA citizen, is under arrest in connection with the possible case of human smuggling. Dimmit County officials confirmed Sunday afternoon that five people have died in a crash involving undocumented immigrants.
    Giuliani says Trump may consider pardons after Russia probe

    Giuliani says Trump may consider pardons after Russia probe

    Manafort was taken into custody and transported to a jail in Virginia about 90 miles south of Washington. As he has in the past, Giuliani would not say specifically whether Trump would submit to be questioned.
  • Sara Netanyahu, wife of Israeli PM, charged with fraud

    Sara Netanyahu, wife of Israeli PM, charged with fraud

    Sara Netanyahu was charged on Thursday along with Ezra Saidoff, a former deputy director general of the Prime Minister's Office. In a statement posted on the prime minister's Facebook page, her lawyers called the indictment "baseless and delusional".
    Japan beat 10-man Colombia in another World Cup upset

    Japan beat 10-man Colombia in another World Cup upset

    Cisse however agrees that after five defeats in the six games featuring African teams, the hunt for glory could take some time. And then Senegal fans, after their Lions upset Poland, 2-1, followed suit.
    China warns of retaliation after Trump’s threats of fresh tariffs

    China warns of retaliation after Trump’s threats of fresh tariffs

    Brown also said that there are no signs of the two nations resuming their stalled trade talks "in just about every level". Trudeau has promised to retaliate against steel and aluminum tariffs the US has put on Canada's metals industries.


Most liked

Melania Trump sends a questionable message en route to the border
Shocking images and audio of children being detained at Customs and Border Protection facilities provoked outrage online. She changed into sneakers before landing, but the heels captured a disproportionate amount of media attention.

German automakers offer to end EU's tariff's on U.S. autos
The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion . All told , the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

Oil slumps below $65 as OPEC clash looms, trade war escalates
Indeed, the single largest factor that could push prices down going forward would be a sizable increase in OPEC plus supply. After yearlong rise in oil and gasoline price, there's a call to control Oil price from rising too far and too fast.

United Kingdom government defeats pro-EU lawmakers on Brexit, for now
In a statement later, the Department for Exiting the European Union said the government had "agreed to look for a compromise". The government says the changes would weaken Britain's negotiating position and is seeking to reverse them in the Commons.

Militant groups will be flushed out of J&K: Rajnath
The Army Chief added that Governor's rule in the state is unlikely to have any impact on ongoing military operations. Hours later, state chief minister and PDP leader Mehbooba Mufti submitted her resignation.

Mexico stun champions Germany 1-0 in World Cup opener
And if they finish runners-up in Group F , Germany could be on course to face Brazil in a daunting second-round match-up. One desperate last attack then had Neuer come up for a corner before Mexico closed out an unforgettable triumph.

Supreme Court lets states charge internet retailers more in taxes
The conservative chief justice, John Roberts dissented along with liberals Stephen Breyer, Sonia Sotomayor and Elena Kagan. This decision overturned a 1992 ruling, which allowed these platforms to use the internet as a tax-free haven.

What's happening at the U.S. border
Trump, said Sunday: "She believes we need to be a country that follows all laws, but also a country that governs with heart". He did not say "let the children suffer". "Maybe it's politically correct or maybe it's not".

John Oliver: Separation Of Children From Parents At Border 'Objectively Awful'
Children's advocates, religious groups, and some politicians in both parties have criticized the policy as inhumane. However, there is no statute that requires children to be separated from their parents at the border.

Spain prepares to welcome hundreds of migrants on Aquarius rescue ship
Each were assigned to a translator and authorities worked to determine their identities before they were sent to welcome centers. It was carrying 106 of the 629 migrants it rescued from the Mediterranean, according to the Italian news agency Ansa.

Early red card dooms Colombia in 2-1 loss to Japan
The former Ajax youngster is one of the best young centre-backs in Europe, but his mistake led to Japan's opening goal . The referee was quick to send off Sanchez, awarding a penalty to Japan which was converted by Kagawa.

At least 3 killed, dozens hurt as natural disaster rocks Japan's Osaka
A strong quake knocked over walls and set off scattered fires around the city of Osaka in western Japan on Monday morning. Trains in the area were halted as a precaution, public broadcaster NHK said.

Judge orders Paul Manafort to jail pending trial, 'very unfair' says Trump
Very unfair! Manafort has not been convicted and has not received a "sentence" as the president claims. Manafort is the first Trump campaign official to be jailed as part of Mueller's investigation.

Only college players expected to attend National Basketball Association draft
Most teams are cautious about the back injury and whether it might be a problem throughout Porter's career. Michael Porter Jr. has released his medical records to some teams and held his workout.

How does Fortnite on Switch compare to PlayStation 4?
Unfortunately, creating a new account is now the only solution until one of the many appeals to Sony potentially works. There's also a full graphical comparison video that shows that Fortnite on Switch, looks, well, just like Fortnite .