OP-ED: The eternal problem with #OPEC and consuming nations is communications and mistrust. OPEC has used many excuses in the past to keep #oilprices high, writes @waelmahdi https://bit.ly/2LKOrdk

#OPEC #oil producers and #Russia are due to meet in Vienna on June 22 to discuss easing supply curbs that have helped drive world oil prices to $80 a barrel, raising gas prices and hurting big energy importers such as India. Production increases would be gradual to avoid delivering a shock to the market, according to #SaudiArabia's energy minister Khalid Al-Falih.

US #crudefutures plunged 4%, their steepest decline in nearly a year, and closed below $68 a barrel. Brent crude fell nearly as much to $76.11 a barrel. After prices crashed to $26 a barrel in 2016, OPEC and a group of non-OPEC nations agreed to cut oil production by about 1.8 million barrels per day from the beginning of 2017.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI
Saudi Arabia: OPEC and Russia to pump more oil 'in the near future'
http://money.cnn.com/2018/05/25/news/economy/saudi-russia-opec-more-oil/index.html

The 24 OPEC and non-OPEC producing countries participating in the voluntary production adjustments continue to maintain outstanding levels of conformity to the terms of the historic 'Declaration of Cooperation' of December 2016, according to the Joint Ministerial Monitoring Committee (JMMC).
The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.
The JMMC acknowledged the rising concerns expressed by some importing and consuming countries regarding potential shortages in the global oil market and requested the JTC, supported by the OPEC Secretariat to continue to closely monitor the oil market and to report any fundamental changes. The JMMC Committee reaffirmed participating countries' commitment to the stability of the market and energy security of the global economy.
#OPEC #Russia #oil #price
http://wognews.net/news/2018/5/opec-conformity-level-152

Oil stays in downward Trend as #OPEC and Russia still main factor
#RFXT #RoyalFinancials
http://ow.ly/G5jk30kdZPc

#Oil #market takes a breather after being priced in by #OPEC supply expectations.
#RFXT #RoyalFinancials

Javier Blas
@JavierBlas2
EXCLUSIVE -- More #OPEC intrigue: #SaudiArabia, #UAE and #Kuwait energy ministers to meet in Kuwait City on Saturday to discuss OPEC matters (and #Oman minister may join the conclave) -- more on @TheTerminal via @FionamMacDonald #OOTT #oil

#OPEC may not decide in June to bring back more #oil production due to the cartel and its allies watching ongoing geopolitical events that could have a broader impact on global growth.

© Reuters. Saudis, Kuwait, U.A.E. Are Said to Plan Saturday Meeting on OPEC (Bloomberg) -- Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters, about a week after the Saudis and Russia announced a new policy to revive oil production. Saudi Energy Minister Khalid Al-Falih will meet with Kuwait’s Bakheet Al-Rashidi and the U.A.E.

#Kuwait #meeting #OPEC #Plan #Said #Saturday #Saudis #U.A.E.

http://www.newsontrading.com/saudis-kuwait-u-a-e-are-said-to-plan-saturday-meeting-on-opec/

#OPEC and non-OPEC ministers are scheduled to meet in #Vienna June 22-23

Record crude oil volumes exported from the #UnitedStates will be heading to #Asia in the next couple of months to take another piece of the market away from #Russia and producers in #OPEC. Data from the EIA shows U.S. oil exports peaked at 2.6 million bpd two weeks ago. The record outbound volumes come as U.S. crude production hit all-time highs, depressing U.S. prices to discounts of more than $9 a barrel below Brent crude futures on Monday, the widest in more than 3 years and opening an arbitrage for excess supplies to other markets.

In Asia, #China - led by Sinopec, the region's largest refiner - is the biggest lifter of U.S. crude. The company, after cutting Saudi imports, has bought a record 16 million barrels (533,000 bpd) of U.S. crude, to load in June. #India and #SouthKorea are the next biggest buyers in Asia, each lifting 6 million to 7 million barrels in June


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI
US record oil exports bite into Russia, OPEC market share in Asia
https://www.cnbc.com/2018/05/29/us-record-oil-exports-bite-into-russia-opec-market-share-in-asia.html