Iran rebuffs Trump's call for OPEC to increase oil output

Brent Crude Oil

After falling to sub-$30 a barrel in early 2016 for Brent, the global benchmark, and West Texas Intermediate, the U.S. benchmark, oil prices have risen to about $76 and $67 a barrel respectively.

Against a very uncertain oil sector backdrop, OPEC's own analysis suggests that the cartel may well have to raise production to meet rising oil demand. The IEA predicted that Venezuela's oil output could fall to just 8,00,000 b/d or even lower next year, from 1.36 million b/d in May and following a 1 million b/d fall over the last two years. United States oil exports have boomed in the last two years as shale oil production has surged, with China becoming one of the biggest buyers.

Analysts expect the group to consider an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016.

US crude's discount to Brent WTCLc1-LCOc1 widened to as much as $9.75 a barrel, after narrowing on Friday.

Despite this, Goldman Sachs said "the oil market remains in deficit ... requiring higher core OPEC and Russian Federation production to avoid a stock-out by year-end".

New pressures are the involvement of Saudi Arabia and Iran on opposite sides in the fighting in Yemen, and US President Donald Trump tweeting about OPEC "artificially" boosting oil prices. In June, crude oil has been trading at about USD75-76 per barrel. Those who hate me call me crude."I worry for my future; everyone now talks down on me".

The NYMEX July crude contract was also under pressure from a rising U.S. rig count, which rose by one for the week that ended June 15 to 863, oilfield service provider Baker Hughes said Friday in its weekly report.

Diego Maradona accused of making racist gesture at Argentina match
Sergio Aguero gave his side a 19th-minute lead, but Iceland equalised less than five minutes later through Alfreð Finnbogason. This was the first game in Group D , which looks even more evenly balanced now than it did at kickoff.

Benchmark 10-year notes last rose 1/32 in price to yield 2.9205 percent, from 2.924 percent late on Friday.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said there would likely be oil price volatility in the week ahead of the meeting. Moscow and Riyadh have made it clear they are in favor of a return to higher production to keep a lid on prices but other OPEC members, notably Iraq and Iran, are against it. These numbers suggest that U.S. and handful of other non-OPEC countries will more than meet global demand. "A meaningful increase in long-haul flows from some of the key OPEC exporters would go a long way in turning the crude tanker market around, especially since it will impact the physical market as well as provide a boost to the all-important market psychology".

The increase of 300,000 to 600,000 barrels a day - above the current OPEC+ production of about 32 million barrels a day - is a less theoretical number.

"OPEC is fractured or fracturing", McKenna said, as Iran, Venezuela, and Iraq "seek to veto the production increase".

"It is due to various circumstances in worldwide (oil) market and mainly the value of Indian Rupee has reduced in comparison to US Dollar, which has led to a surge in oil prices".

Chinese tariffs on United States energy exports would affect roughly one of every four barrels of oil the U.S. now ships to overseas refiners and, if ultimately imposed, would spark a significant shift in global crude flows, analysts said Monday.

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