Oil prices rise after OPEC agrees to keep output cuts

Oil prices rise after OPEC agrees to keep output cuts

Asked on Thursday if the US might be on a path to war with Iran, the president answered, "I hope not". I don't think that will happen...

Oil prices rose this morning as traders returned to work after Saudi Arabia said Opec still plans to decrease its inventories of crude oil. He earlier told reporters that supplies to Poland via the pipeline would start on Monday.

Falih told reporters the market was "very fragile" with conflicting data due to concerns about supply disruptions while inventories rise, but that a "comfortable supply situation" should be seen in weeks and months to come.

Saudi Arabia has signaled its willingness to continue curbing output until the end of the year. No-one has claimed responsibility, but two USA government sources said last week that United States officials believed Iran had encouraged the Houthi group or Iraq-based Shi'ite militias to carry it out. "We are going to do the right thing as we always do". However, the countries may eliminate over-compliance but keep the levels stipulated by the agreement, Russia's energy minister said after the ministerial meeting on Sunday.

"The United States, Saudi Arabia and the United Arab Emirates. along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied", the White House statement said, adding, "We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market". The United States, not a member of OPEC+ but a close ally of Riyadh, wants the group to boost output to lower oil prices.


The market will next watch for the U.S Energy Information Administration oil stockpiles report due on Wednesday morning.

However, Russia wants to increase supply after June. "Never threaten the United States again!", Trump wrote.

The concerted action resulted in higher crude prices on the global market.

OPEC's commitment to limiting supply and reducing output has helped oil prices recover after coming close to breaking below $40 a barrel back in November previous year.

Oil contamination also forced Russian Federation to halt flows along the Druzhba pipeline - a key conduit for crude into Eastern Europe and Germany - in April. The suspension, as yet of unclear duration, left refiners scrambling to find supplies. However, it appears the members are leaning to continuing the cuts.


Venezuela's output - also subject to US export sanctions - is also tumbling, down by over half since the third quarter of previous year.

Iraq has always supported Iran's interests against the arrogant powers, the Iraqi official said, adding that the recent moves by the USA in the region are threatening all countries, including Washington's allies.

Sunday's meeting comes amid soaring Gulf tensions after the mysterious sabotage of several tankers off the Emirati coast and drone attacks claimed by Yemen's Huthi rebels, which shut a key Saudi crude pipeline.

Both attacks targeted routes built as alternatives to the Strait of Hormuz, the conduit for nearly all Gulf exports.

"If Iran wants to fight, that will be the official end of Iran", he said in a tweet on Sunday.


Falih had said last month the kingdom was ready to boost supplies in case of any shortage caused by the Iran embargo.

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