Trump slams OPEC as IEA anticipates near-term oil price relief

13 June, 2018, 23:14 | Author: Brooke Harris
  • Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", said Lukman Otunuga, analyst at futures brokerage FXTM. Prices have risen around 60 percent over the past year.

The price surge is taking a toll on heavy-energy users in the U.S., where the producer-price index rose by 0.5pc in May from a month earlier, according to the latest data from the U.S. labor department. After landing Wednesday morning, Trump fired off tweets on various subjects, including the summit.

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.

Barely recovered from the roller coaster ride of recent weeks, traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.

Reaching an understanding between Russian Federation and Saudi Arabia may prove easier than obtaining a wider agreement among the 24 countries bound by the agreement first struck in late 2016. However, its longer-term outlook suggested "prices are unlikely to increase as sharply as they did from mid-2017 onwards and thus the dampening effect on demand will be reduced". Trump wrote on Twitter in April. In response, Saudi Arabia, Iran's rival and the largest producer in OPEC, said it would consider increasing supply.

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Opec crude supply edged up to 50,000 bpd last month to nearly 32 million bpd, while the IEA revised upwards its estimate for 2018 non-Opec production growth to 2 million bpd, and in 2019 it expects to see bumper growth, albeit slightly reduced, of 1.7 million bpd. "Oil prices are artificially Very High!"

Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the U.S. and European oil futures contracts. "At current prices US oil producers are still losing money".

The president has been vocal about his dissatisfaction with oil prices in the past. "Maybe they are actually way too low".

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