Oil prices drop as supplies increase

Crude Oil

Oil prices are set, for the most part, by Saudi Arabia and, to a lesser extent, it's OPEC partners.

Rising oil output by the world's third biggest producer, the United States, is also affecting 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.

Benchmark Brent crude was down 30 cents at $75.58 a barrel by 0910 GMT.

- 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.

But the outlook for the oil market in the second half of this year is uncertain, analysts say, and OPEC argues there are downside risks to global demand.

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"More oil from OPEC+ is the base case", said Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB.

While Nigeria reported diminishing oil exports in the wake of force majeure on Bonny Light oil, both Saudi Arabia and Russian Federation this week reported increased oil production for the month of May, at 10.0 million bpd and 11.09 million bpd respectively, sending mixed signals to the oil market.

A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", Otunuga said. American oil production has jumped by nearly a third in the last two years to a record 10.8 million barrels per day.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing back above 10 million bpd, supplies from the top three producers are increasing.

"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.

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