Oil prices fall on prospect of rising suppplies

Oil Prices and OPEC

But Iranian minister Hossein Kazempour Ardebili said Thursday that Iran, Iraq and Venezuela are aligned in maintaining the current OPEC deal, and said that current prices are acceptable to consumers and producers.

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC. About 1 million barrels a day of the current output cuts may not be recoverable.

"We agreed to promote (business-to-business) cooperation... and we are hopeful that in future buyers will be able to dictate prices", oil minister Dharmendra Pradhan said after meeting China National Petroleum Corporation chairman Wang Yilin and Li Fanrong, deputy administrator of China's National Energy Administration, on the sidelines of the 16th International Energy Forum ministerial round in April.

Saudi Arabia has floated several plans to fellow OPEC members as the kingdom seeks consensus before the meeting in Vienna next week.

Crisis-wracked Venezuela's oil production continued to shrink, plunging for the 10th straight month to 1.36 million b/d.

Earlier in the session, Brent and USA crude futures had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts when they meet on June 22-23 in Vienna.

USA light crude CLc1 was up 40 cents, or 0.6 percent, at $66.76 a barrel.

Saudi Arabia, the largest producer in the group, recorded the biggest increase in May as its oil production rose by 161,400 bpd to 10.03 million bpd.

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Meanwhile, the market was also weighing a surprise drop in United States crude stocks figures, which is typically bullish for the market.

Brent crude LCOc1 was up 87 cents, or over 1 percent, at $76.75 a barrel by 1:38 p.m. EDT (1938 GMT).

"Even if the Iran-Venezuela supply gap is plugged, the market will be finely balanced next year and vulnerable to prices rising higher in the event of further disruption", the Paris-based agency said. They have shown discipline in limiting production since the start of a year ago, helping push up the benchmark price of global crude. Saudi Arabia, Iran's rival and the largest producer in OPEC, and Russian Federation, the world's largest producer and a party to the deal, have already increased supply.

But OPEC said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain and warned of downside risks to demand. OPEC has yet to set new production levels beyond that, but the cartel's oil ministers are meeting again next week in Vienna.

In a welcome move, India and China are working on combining their forces to counter Opec's ability to dictate crude oil prices.

"OPEC has the lowest spare capacity ever right now", said fund manager Pierre Andurand, in a tweeted response to Trump.

Trump wants OPEC to increase its oil production and curb prices.

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