Tuesday, 17 July, 2018

Saudi Arabia: Deal can be done this week to boost oil supply

Oil bumps up on US inventories decline, WTI pokes back into $65 India Urges OPEC Nations To "Fill Supply Gap", Ensure Sustainable Prices
Elsie Buchanan | 21 June, 2018, 21:01

An authoritative OPEC source disclosed in a telephone interview with Vanguard, yesterday, that while Saudi Arabia has openly canvassed for a huge increase in supply, Iran said it would compromise on a small increase in OPEC oil output.

The initial public offering of Saudi oil giant Aramco-which has already been likely pushed to 2019 from the second half of 2018-could be postponed even further, for after 2019, comments by Saudi Energy Minister Khalid al-Falih suggested on Thursday.

India, the world's third-biggest oil consumer and importer, on Wednesday urged Opec nations to fill a supply gap and ensure sustainable oil prices as politics affect the output of some producers.

The Saudi proposal involves a complex calculation based on how much the group has cut production beyond the initial target of 1.8 million barrels a day set in 2016, the delegates said, asking not be named discussing private meetings.

Volatility was the theme on Wednesday as bearish traders continue to support the notion that Saudi Arabia and Russian Federation would push for at least a 1 million barrel per day increase in production, while bullish investors priced in opposition to the increase by Iran, Iraq and Venezuela.

Several other OPEC members, including Venezuela and Iraq, are also against major changes to the pact as they are unable to immediately boost production.

Trump reversed border policy due to pressure from Melania, Ivanka
He did call on Congress to alleviate the plight of the separated children - but reiterated that his hands were tied. Meanwhile, President Trump announced plans to sign an executive order on immigration and the current border crisis.


So, a larger increase agreed by Opec would require a new set of output targets. Zanganeh has said the president is to blame for high prices because of his unilateral withdrawal from the global nuclear agreement.

Benchmark Brent crude fell US$1.76 a barrel, or more than 2 percent, to a low of US$72.98 before recovering slightly to US$73.34, down US$1.40, by 0945 GMT.

More important to Saudi Arabia than extra petrodollars is containing Iran, its arch-nemesis.

Iran has so far been the main barrier to a new pact, objecting to US calls for increased output.

If the existing deal were retained and the Saudis felt a need to add more oil, Riyadh could increase output unilaterally, as it did after a meeting in June 2011 ended with no decision.

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