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13 June 2018, 11:14 | Joann Bryant
Opec and its allies have been curbing supply since January 2017 to boost oil prices and cut bloated global inventories
"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", Lukman Otunuga, analyst at brokerage FXTM said as quoted by Reuters.
US President Donald Trump has reignited his spat with the world's largest oil producers as surging oil prices take their toll on US manufacturing and industry. It's the second time he's used social media to rail against the Organization of Petroleum Exporting Countries.
OPEC and various non-OPEC oil producers are set to convene in Vienna later in the month to discuss future production.
Oil prices turned positive on Wednesday after a bigger-than-expected decline in US crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer.
The benchmark price of crude has surged from around $50 a barrel last summer to within a breath of $80 a barrel a few weeks ago.
Saudi Arabia has floated several plans to fellow OPEC members as the kingdom seeks consensus before the meeting in Vienna next week.
However, oil dipped on Wednesday amid speculation that the deal may be revised following reports that both Russian Federation and Saudi Arabia are ramping up production.
Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said.
Opec crude supply edged up to 50,000 bpd last month to nearly 32 million bpd, while the IEA revised upwards its estimate for 2018 non-Opec production growth to 2 million bpd, and in 2019 it expects to see bumper growth, albeit slightly reduced, of 1.7 million bpd. Trump wrote on Twitter in April. With record amounts of Oil all over the place, including the fully loaded ships at sea.
Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above US$150 a barrel in less than two years.
Oil prices dropped on Wednesday as a result of increased supplies in the U.S. "At current prices US oil producers are still losing money". "You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said in a statement to Reuters, referring to itself and Venezuela. "Maybe they are actually way too low".
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