WTI Oil Putting Up A Respectable Fight on OPEC

Brent Crude Oil

United States shale producers can step up to meet any supply deficit, but Roberts and Phil Flynn, senior energy analyst at the Price Futures Group, said it takes time for them to increase output because of the nature of shale mining. Within the group, Venezuela's oil output has collapsed to the lowest since the 1950s due to industry mismanagement, and Iran's petroleum exports are subject to renewed USA sanctions.

Pradhan had also pointed out that less production of oil in the OPEC and hike in crude oil price in the global market were some of the factors affecting fuel prices in India.

"If the Kingdom of Saudi Arabia and Russian Federation want to increase production, this requires unanimity". A few other factors could help keep a lid on oil prices over the next year or so. India's engagement with OPEC is important as India sources about 82% of crude oil, 75% of natural gas and 97% of LPG from OPEC member countries.During the visit Pradhan will deliver a key note speech on "Sustainable Global Energy Future".

Greg McKenna, chief market strategist at futures brokerage AxiTrader said there would likely be oil price volatility in the week ahead of the meeting.

Investors are looking ahead to what could be the most contentious OPEC meeting in recent years. The risk is that Saudi Arabia will choose to go it alone, boosting output.

Escalating trade tensions between the USA and China were also weighing on global markets including oil, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.

Back in late 2016, OPEC famously announced production cuts in a desperate measure to reduce the volume of oversupply in the market, the major catalyst behind oil falling from above $110 to below $30 between mid-2014 and early 2016.

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For one, the confrontationist attitude shown by the U.S. government has rattled world currency markets.

Oil prices fell on Thursday as crude producers appeared to be nearing a deal to increase production at an OPEC meeting in Vienna on Friday, but pared losses after a report of a large stockpile draw at a key storage in the United States. "That would obviously infuriate Trump", he said.

This suggests that there has been a rebalancing after years of an overwhelming oversupply of the commodity; equally, it could also point to underlying concerns that have been evident for some time, that some members no longer wish to comply with OPEC's production cut deal.

By Navneet DamaniCrude oil traded at the lowest since June 6 and lost about 1 per cent last week due to combination of bullish and bearish news that drove markets for much of the week.

The Organization of the Petroleum Exporting Countries and allies, which have curbed supplies since 2017, meet on Friday in Vienna, where they had been expected to come to a decision as to whether to increase global oil production, and by how much.

Iran is not alone in its battle against output hikes, with Iraq and Venezuela also objecting. Brent crude jumped $1.55 to $74.99 a barrel. If US oil finds it hard to enter China, it would try to find a way to sell in India, the other main consumer.

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