Published: Wed, June 13, 2018
Money | By Ralph Mccoy

Iran, Venezuela supply gap to dominate OPEC meet: IEA

Iran, Venezuela supply gap to dominate OPEC meet: IEA

Traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.

Oil slipped after Russian Federation was said to propose that OPEC and other producers in a global alliance reverse the supply cuts they've been making since early past year. The cartel is meeting next week, where it will consider pulling back from the deal.

The world's top crude producers are key partners in the OPEC+ deal, which is created to prop up oil prices by cutting global output. "Not good!" Trump wrote in a post on Twitter on Wednesday after last raising the issue in April.

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After peaking in May at $80.50 a barrel, prices have pulled back, with the price of Brent crude trading on Wednesday near $76 at barrel, partly in anticipation that the deal may end, and as Saudi Arabia and Russian Federation have already started increasing production. They plan to discuss oil, amongst other things.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S.

As oil prices continue to fall, the American Petroleum Institute (API) reported a mild build of 800,000 barrels of United States crude oil inventories for the week ending June 8, compared to analyst expectations that this week would see a much larger draw in crude oil inventories of 2.744 million barrels. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession.

An oil production shortfall in Iran and Venezuela may force OPEC and Russian Federation to decide later this month to open their taps, the International Energy Agency said Wednesday. Trump tweeted on April 20.

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