Published: Wed, June 13, 2018
Money | By Armando Alvarado

Russia To Propose Rolling Back 1.8 Million Bpd Of Oil Cuts

Russia To Propose Rolling Back 1.8 Million Bpd Of Oil Cuts

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.

- Donald J. Trump (@realDonaldTrump) April 20, 2018Bloomberg and Reuters reported last week that Trump requested that Organization of Petroleum Exporting Countries members, such as Saudi Arabia, increase their oil production.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", said Lukman Otunuga, analyst at futures brokerage FXTM.

President Trump took fresh aim at the OPEC oil cartel on Wednesday.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words. Others, notably Venezuela, have experienced involuntary declines in production due to problems in their oil industries.

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline.

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Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the U.S. and European oil futures contracts.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the US has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and USA sanctions on Iran.

Non-Opec growth for 2019 also includes a modest increase from Russian Federation "reflecting a possible contribution to compensating for lost production from Iran and Venezuela", analysts said.

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.

Oil prices across the country have crept up toward $3 a gallon as the United States hits its peak summer travel season - still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession, according to Reuters. Trump tweeted in April.

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