US urges OPEC to raise oil production by 1million

US urges OPEC to raise oil production by 1million

US urges OPEC to raise oil production by 1million

US sanctions on Iran are also threatening to reduce oil exports from the OPEC producer.

The US government has unofficially asked Saudi Arabia and some other oil cartel Opec producers to raise oil output, three Opec and industry sources said, although it has not requested a specific figure.

Saudi Arabia, the world's largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country's biggest market amid threats to rival suppliers. Washington last pressed Saudi Arabia to increase output in 2012.

Petrochemical giant Saudi Aramco has increased the crude oil prices for Asian consumers to the highest in four years, looking at the strong demand and that seems to be adding premium to those prices.

"The rise in stockpiles was also driven by a strong increase in imports, with Saudi Arabian crude nearly doubling to 1.12 million b/d last week", ANZ bank said in a note. Global reserves decreased by 0.4% year over year in 2017 and OPEC reserves dipped 0.3%, mostly due to lower production from Venezuela, the current world leader with reserves of almost 303 billion barrels.

Oil prices fell on Friday, reversing early gains as signs of weakening demand in China and surging USA output weighed on markets despite support from supply woes in Venezuela and OPEC's production cuts.

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OPEC-member Iraq said on Wednesday a production increase was not on the table.

Mexican oil output could return to 2 million barrels per day (bpd) by about 2022 from 1.886 million bpd in April if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell said on Tuesday.

The market is now heading for a shortfall of about 1 MMbpd between supply relative to demand.

Opec and Russian Federation meet on 22 June to discuss production policy.

Three sources familiar with the matter said a senior U.S. administration official had called Saudi Crown Prince Mohammed bin Salman before Trump's announcement to make sure Washington could count on Riyadh, the de facto OPEC leader. "$80 is a temporary ceiling for oil until we hear from OPEC".

One of the sources reportedly claimed that the call took place on May 7, while the other two sources did not name the exact date of that conversation. It's mostly because of a rise in EIA oil inventories and record weekly domestic production. "The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row", said the report. PVM Oil Associates strategist Tamas Varga said, Reuters reported. "But then Trump and the Iran nuclear deal happened and consuming nations started to complain".

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