Crude oil price rise could moderate later, suggests Spanish survey

Jermaine Castillo
May 26, 2018

Saudi Arabia, the world's largest oil exporter, signaled on Friday that its 18-month-old quest to drive up crude prices and drain global inventories might be coming to an end.

The notoriously fractious cartel has been uncharacteristically collaborative of late, as OPEC and Russian Federation had agreed to curb their collective output by about 1.8 million barrels per day until the end of 2018.

Brent crude futures gained 71 cents, or 0.9 percent, to settle at $79.22 a barrel.

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Brent crude futures slipped 23 cents to settle at $79.80 a barrel, while USA crude lost 36 cents to $71.84 a barrel.

The price of the North American oil benchmark briefly touched $72 USA a barrel late Tuesday despite the OPEC oil cartel publicly mulling boosting supply as soon as next month.

US crude oil exports dropped by more than 800,000 barrels a day (BPD) last week, to roughly 1.75 million barrels a day (MMBPD).

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However, it is also possible that supplies from both Iran and Venezuela will be disrupted by USA sanctions.

"It is the intent of all producers to ensure that the oil market remains healthy, and if that means adjusting our policy in June, we are certainly prepared to do it", Al-Falih said.

Assuming an average oil price of $70, the fiscal 2019 subsidy would total about 355 billion rupees, or 105 billion rupees higher than budgeted, according to Kotak Institutional Equities.

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PDVSA past year started requesting crude from its joint ventures in the Orinoco Belt, Venezuela's largest producing region, to supply its domestic refineries, which also has reduced the volume of oil available to US customers, including Citgo. However, Russia's Energy Minister Novak declined to comment on the same, saying that all proposals will be discussed in June's Vienna meeting. The administration said it has appealed to oil exporters to make up for lost production to keep prices steady. The price of a barrel of Brent crude was down by more than 1.6 per cent to $78.22 at one point yesterday. That move is likely to result in higher prices as demand outpaces supply. Markets now await the USA durable goods data and Fed Chair Powell's speech for fresh dollar trades, which could have a major bearing on the USD-sensitive oil. U.N. Assistant Secretary-General for Economic Development Elliot Harris warned last week that trade risks and geopolitical tensions presented clear and present dangers to the global economy.

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