Iran's oil output up 10000 bpd in April: OPEC

Oil steady near multi-year highs as US drilling rises

Brent for July settlement rose 44c to $78.67 a barrel on the London-based ICE Futures Europe exchange, after Monday's $1.11 gain.

John LaForge, head of real asset strategy at the Wells Fargo Investment Institute, agrees.

"The Saudis are keen on holding production cuts, enjoying high prices, but are increasingly under pressure from Russian Federation to bring back production", says Eric Lee, energy strategist at Citigroup.

Francisco Blanch, commodity and derivative strategist at the bank said in a report published "There is also a risk of United States dollars 100/bbl, as our forward balances embed OPEC "tapering" and no major drop in Iranian crude exports".

He said that Germany has announced that it will protect its companies against USA sanctions imposed on Iran.

"Russian and Chinese firms in particular may still be willing to invest in Iran, but if sanctions result in excess capacity at existing fields, there will be little economic rationale to support new developments".

OPEC and Saudi Arabia made similar statements previous year at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks.

The report is the last one before the oil ministers' meeting in Vienna to discuss the oil production ceiling two weeks later. The production agreement with Russian Federation and non-OPEC members is slated to run through year-end but it could potentially end earlier, be modified or even extended beyond beyond 2018.

More news: Russian Bombers Intercepted Off US Coast

China's oil demand growth has so far this year exceeded expectations, and Goldman Sachs, for example, says that growth could be even "higher than now estimated".

The cartel also said its output rose slightly last month, mainly via Saudi Arabia, but raised its demand forecast for next year by 25,000 barrels per day to average 98.85 million barrels per day. Market observers will be watching the country's May 20 presidential election to see any signs of plans to increase production.

Rosneft's oil and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said on Monday.

The global oil picture has dramatically changed in the past year.

The tightening market has just about solved the global supply overhang that has weighed down oil prices between 2014 and 2017.

Additionally, the market retreated as the U.S. Dollar strengthened against other currencies to the highest since December.

"The expectation that there's going to be a drawdown in crude stocks this week is keeping the market very tight", said Phil Flynn, analyst at Price Futures Group. That's a big a if in the political current environment.

Related News:



Most liked

Macron calls friend Trump, angry over his Iran nuclear move
Beijing has expressed regret over Trump's decision to withdraw from the 2015 agreement and says it remains committed to the pact. Zarif is scheduled to talk with Russian Federation on Monday about the nuclear deal.

Money In The Bank Qualifiers Scheduled For Raw
Last week, there were six wrestlers who qualified for the ladder matches including Braun Strowman and Charlotte Flair. Jinder on the pay-per-view, which is going to suck".

United States China-ZTE story
Adam Schiff, the top Democrat on the intelligence committee, criticized Trump for softening his stance on ZTE. Trade Representative Robert Lighthizer and others were.

Daesh claims responsibility for attack in Afghanistan's Jalalabad
The attack took place on Sunday afternoon when a suicide attacker detonated a bomb near a building, the TOLO broadcaster reported. However, the Taliban is now taking part in its annual spring offensive and has launched a number of attacks in recent weeks.

Ireland Is Through To The Eurovision Final
We are in constant talks with broadcasters and, at the end of this week, we might have some good news that we can share". So, then it's safe to say Jessica Mauboy is lapping up every minute of the Eurovision limelight in Lisbon this week.

Mariners' Robinson Cano suffers broken bone in hand on hit by pitch
He gave up 10 hits and allowed four runs, all of them earned. "I went out there trying to go as deep as I possibly can". Castellanos was hit by a pitch in the first inning and had his left hand checked before going to first base.

35 confirmed cases of salmonella reported stemming from Hyde. Co. egg recall
The symptoms, which include diarrhea, fever and stomach cramps, take about 12-72 hours after exposure to take effect. Additional illnesses continue to be confirmed in an outbreak of Salmonella traced to eggs from Rose Acre Farms .

Spurs beating Manchester City to Jorginho would be incredible statement of intent
And Pochettino's side made no mistake as they ran out 5-4 winners in a insane game against Leicester City at Wembley. In the Champions League we filled Wembley and witnessed remarkable games against Real Madrid and Borussia Dortmund.

Communal clashes in Aurangabad over water, Sec 144 inposed
The authorities snapped Internet and social media networks in the city as a precaution late on Friday to prevent rumour-mongering. In the tweet, the police also warned that strict action will be taken against any person found propagating such information.

Alipiri Incident : Only TDP Activists Arrested, Still BJP Blames Babu
The BJP president had arrived in Tirupati last night after wrapping up his over a month-long election campaign in Karnataka. When the TDP activists were trying to obstruct the convoy of Mr Shah, police remained mute spectators.

Good players are always compatible: Zinedine Zidane on Neymar speculation
It's not yet summer, but Paris Saint-Germain's Neymar has for months now been the focus of all the transfer-market attention. Real have only added to the confusion by openly courting the Brazil worldwide .

NASA plans to fly a helicopter on Mars Video
The remote-controlled Mars Helicopter is created to take flight in the thin Martian atmosphere with twin counter-rotating blades. It will also feature numerous built-in capabilities such as solar cells for charging the batteries and a heater.

Hamilton tops charts in Barcelona
Hamilton will be trying to win his second race in a row and add to his four-point lead over Vettel in the drivers' standings. New Zealand's Brendon Hartley did not take part in qualifying for Toro Rosso after crashing heavily in final practice.

Hawaii Residents Shaken By Quakes, Brace For New Lava Outbreaks
Two subdivisions were ordered to evacuate last week after lava oozed from cracks in the ground, burning down some two dozen homes. They evacuated their home on May 3, and only found out it was destroyed when a relative went back to get her personal belongings.

Chinese Premier Calls for New Progress of China-Japan Ties
The Japanese minister said in response that the two countries would exchange more opinions for closer economic ties. The two economies are complementary to each other with enormous cooperation potentials, Li said.