Oil prices lifted by Libyan oil production outage

Oil prices lifted by Libyan oil production outage

The low oil prices finally propelled the world's biggest oil exporters, led by Russian Federation and Saudi Arabia, into a year of shuttle diplomacy that saw 24 countries signing on to the supply cut agreement in December 2016, to remove 1.8 mmbbl a day from the market. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices. "Oil prices are artificially Very High!"

After months of sharp oil price rises there is now considerable uncertainty as to the market's direction for the rest of the year, OPEC said on Tuesday as a key meeting of oil producers looms.

India today voiced its concern over high global oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers.

Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet on Wednesday that said oil prices are too high and that the cartel was "at it again". The headlines have sent the price down over the last few minutes of trading. Trump tweeted in April.

Brent crude futures LCOc1, the worldwide benchmark for oil prices, were at $75.65 per barrel at 0329 GMT, down 23 cents, or 0.3 percent, from their last close.

While OPEC and its partners agreed a total cut of 1.8 million barrels a day, unplanned losses in Venezuela mean the actual reduction is about 2.4 million, data from the International Energy Agency shows.

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U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.99 a barrel, down 37 cents, or 0.6 percent, from their last settlement.

Russia's proposal will be just one of many suggestions up for discussion at the meeting in Vienna next week, which is expected to be one of the most heated and contentious summits in recent years.

Those against an increase this time are concerned it would threaten the unity of the 24-nation alliance involved in the deal and say forecasts from OPEC and others calling for higher demand in the second half of 2018 are too optimistic. It now expects countries outside OPEC to pump 1.86 million barrels a day above 2017 level.

"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. Prices last month were further boosted to the highest level since 2014 after a United States decision to reimpose sanctions on Iran threatened to curb exports from the Islamic Republic and as economic turmoil in Venezuela hurt the Latin American nation's output.

According to figures compiled by Platts from market players, Organization of Petroleum Exporting
Countries (OPEC) and tanker tracking service companies that monitor crude shipping movements, Nigeria's crude oil production for the month of May plunged by 150,000 barrels per day.

The output failures in Nigeria combined with production deficits in other OPEC members to cut the group's May production down to a 13-month low of 31.90 mbd, Platts figures indicated.

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