Economy

WTI settles below $65 after EIA shows surprise build in crude inventories

WTI settles below $65 after EIA shows surprise build in crude inventories

"For the first time, the Saudi oil minister called us and said "we are revisiting our policy on oil output cuts", Indian Oil Minister Dharmendra Pradhan said.

Riyadh has said that even though prices have spiked to over $80 per barrel, the highest since 2014, the market has yet to recover from a long slump. It is no coincidence that a Saudi-Russian (Al Falih-Novak) plan to raise output was unveiled to the world at the St Petersburg economic conference, Putin's Davos on the Neva.

"OPEC supply changes remain the biggest uncertainties in the market", said Xi Jianrui, senior crude analyst with oil consultancy JLC said.

The U.S. sanctions on Iran's petroleum industry will take effect after a 180-day "wind-down period" ending on November 4 but many European refiners are already winding down Iranian oil purchases.

"A consensus for higher oil prices and revenues will be the bedrock of every OPEC nation".

A White House spokesman also declined to comment on this matter.

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OUT OF SYNC Despite this, oil markets are not unanimously bullish.

May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd).

The OPEC basket was quoted on Wednesday at 73.05 dollars, a rise of 26 cents compared to that of the end of Tuesday.

"It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", Hossein Kazempour Ardebili, Iran's representative to the Organization of the Petroleum Exporting Countries (OPEC), told Reuters.

Some Gulf countries were "upset that there was no prior consultation with them", a separate source said. There's also been a shift away from long-term investment in the oil industry toward short-cycle spending.

May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd), according to the General Administration of Customs. This is due to a lack of new projects.

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Crude rose above $72 in late May after U.S. President Donald Trump's decision to renew sanctions on Iran and plunging output in Venezuela raised concerns over potential supply shortages.

"The views are so widely different among OPEC members that they'll probably fail to reach an agreement at the meeting later this month", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone in Seoul.

Bloomberg reported on Monday that USA officials asked Saudi Arabia and other supply-cutting countries to raise output by about 1 million barrels per day, dampening prices.

Crude oil prices fell yesterday with the global benchmark, Brent crude heading towards its lowest finish in about one month after a report revealed a surprise weekly climb in the United States' domestic crude inventories.

The sources say Riyadh's shift in stance was prompted by pressure by Washington and other consuming countries but does not reflect concern in Saudi Arabia that there is a supply deficit.

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