OPEC and Russian Federation to Raise Crude Oil Output

Crude Spills on Saudi's Proposed Increase Short Term Top Likely

Global oil prices fell Friday after top producer Saudi Arabia signalled a likely boost in supply as soon as the third quarter, and world stock markets were mixed over the sudden USA move to cancel the summit with North Korea. Terminating the deal would increase output by about 1.3 million bpd. Saudi Arabia is concerned about oil prices reaching above the Brent crude $80 mark and impacting huge consumers like China and India.

West Texas Intermediate for July delivery fell $2.83 to settle at $67.88 a barrel on the New York Mercantile Exchange. Some analysts expect that country's output to fall below 1 million barrels a day by the end of the year - down from over 2 million barrels a day a year ago.

Russia's energy minister said oil ministers from OPEC states and non-OPEC countries participating in a deal to cut output would likely decide to gradually ease curbs at their meeting in Vienna next month.

Countries such as USA, Canada and Brazil, which are not in the OPEC/non-OPEC alliance have also taken advantage of the increased oil prices to ramp up‎ production.

Oil prices edged lower on Friday morning in Asia as Russian Federation hinted it may increase output.

The bullish tone of recent market chatter, increasingly punctuated with talk about oil prices climbing past $100, $150 and even $300, suddenly looks overdone.

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"It is the intent of all producers to ensure that the oil market remains healthy, and if that means adjusting our policy in June, we are certainly prepared to do it", Al-Falih said. However, it is unclear which countries have the capacity to raise output and fill any supply gap other than Gulf oil producers, led by Saudi Arabia, and Russian Federation, the sources said.

But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June.

While the producers were determined just a month ago to keep supply restrained and boost prices, they're now changing course as oil's surge to a three-year high puts strain on the global economy and draws political heat from major consumers, notably the United States, reported Bloomberg.

Unrest in Venezuela has trimmed the OPEC co-founder's output and could drive it down further in coming weeks.

Previous U.S. energy secretaries have in the past pressured OPEC to reduce prices, so it wasn't unusual that the cartel would react to Trump's comments, he added.

Moreover, the decline in oil supplies from Venezuela and concerns that U.S. sanctions will hurt oil exports from Iran, have further boosted the momentum in oil prices and led to a 20 percent rise in the year 2018.

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