Sunday, 21 April, 2019

President Trump pressuring OPEC to increase oil production ahead of crucial meeting

Oil prices skid amid global stock market slump, swelling US supply Trump asks OPEC not to cut production
Jean Garcia | 06 December, 2018, 11:53

OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russian Federation, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices. "It is still under discussion", one delegate said.

Despite the extreme volatility experienced in the oil industry, with expectations that this trend will continue, the World Bank noted that Russia's high level of worldwide reserves ($461 billion), small global debt (29 percent of GDP), and "comfortable import cover (15.9 months) positions Russian Federation well to absorb external shocks", the report reads.

President Trump is pressuring OPEC to increase oil production as members of the organization are set to meet in Vienna on Thursday.

U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.

Saudi Arabia, OPEC's de facto leader, has pressed for steep output reductions but has faced pressure from Trump to keep oil flows steady to keep prices low, rather than reduce inventory.

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd).

"I am optimistic. There will be a deal, but it is unclear how much OPEC and how much non-OPEC will contribute".

Rescue mission in Japan after 'mishap' involving two Marine aircraft
The aircraft involved had launched from Marine Corps Air Station Iwakuni and were conducting regularly scheduled training. The Marines said in a statement that Japanese search and rescue aircraft responded and were aiding in the rescue effort.

"A massive liquidation in long positions by money managers has dampened market confidence on oil prices considerably", said Benjamin Lu of Singaporean brokerage Phillip Futures. "How OPEC communicates this to the market may be just as important as what gets done".

Moscow has shown willingness to cooperate with OPEC to cut oil production. An oil price around $60 suits the needs of producers and consumers and it should remain at that level in January, he said.

Iran is now subject to USA sanctions and as such won't participate in any curbs, the country's OPEC governor Hossein Kazempour Ardebili said this week.

In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut.

Who might agree to an OPEC crude supply deal?

Resolving the group's internal differences and convincing a skeptical oil market that they're serious about preventing a new supply glut in 2019 would require ministers to conclude weeks of debate and settle on a final figure. "Especially the big boys - they would want to keep this cut very close to their heart".

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