Opec resistance to Saudi supply plan grows as Iraq objects

Crude Oil

The Organization of Petroleum Exporting Countries and its allies are set for contentious meetings on June 22 to 23 as they review whether to unwind supply curbs put in place 18 months ago.

In April, Trump also blasted OPEC on Twitter, accusing the group of "artificially" raising oil prices.

"We have looked at a scenario, not a forecast, showing that by the end of next year output from these two countries (Venezuela and Iran) could be 1.5 mb/d (million barrels per day) lower than it is today", it said in a report.

"The timing of the meeting comes at a crucial time when global crude oil prices are at the highest since the peak of 2014", the statement added.

US President Donald Trump renewed his attack on OPEC on Wednesday, and the International Energy Agency said the world may face a supply gap by late 2019 if OPEC can not cover any shortfalls.

"Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world. Not good!" United States president Donald Trump tweeted.

Russian Federation and Saudi Arabia are leading a campaign to justify rolling back some of the OPEC/NOPEC production cuts, and are facing opposition from a bloc within OPEC consisting of Iran, Venezuela, and Iraq who oppose boosting production, also because those three don't have the spare capacity to lift production, unlike Russian Federation and the Saudis.

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Oil price report released yesterday by OPEC showed that Brent crude was down 20 cents at $75.68 a barrel, as US light crude was 35 cents lower at $66.01.

"The independent show of WTI strength is merely a catchup process to the higher priced products and Brent values", Jim Ritterbusch, president of Ritterbusch and Associates said in a note.

OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that had sent prices crashing.

US crude output has risen nearly 30 percent in the last two years to a record high of 10.9 million barrels per day. The country pumped 11.09 million barrels a day in the first week of June, according to a person with knowledge of the matter, exceeding its agreed limit of 10.95 million.

"The U.S.is important to us, but. we have not received any official communication, or even unofficial communication, from the administration", he told CNN.

Oil prices rose Wednesday, turning positive after USA government data showed a bigger weekly draw than expected in domestic crude inventories, along with unexpected declines in gasoline and distillate stocks. According to the industry experts, both the countries are reportedly ready to increase their oil output, with new streamlined oil and gas projects in both Middle East and Africa.

OPEC itself spotlighted U.S. output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.

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