Crude Oil prices rose as traders cheered signs of tightening U.S. output, though sentiment was soured by a report suggesting major oil producers were ready to discuss plans to ramp up output. Investors bet that the Organization of the Petroleum Exporting Countries will be unable to compensate fully for the loss of oil from Iran, OPEC’s third-biggest producer.
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“Our determination is to institutionalise this cooperation and to get the permanent framework hopefully by December,” Barkindo told a news conference in Fujairah, in the UAE. The global oil supply reached a record 100 million barrels per day, the International Energy Agency said in its latest forecast.
U.S. President Donald Trump increased pressure on OPEC, calling on the organization to “get prices down now!” OPEC Secretary General Mohammad Barkindo said that OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December, when the oil producers plan to meet in Vienna.
Non-OPEC supply was also up 2.6 million bpd, led by U.S. production. However ongoing Iranian and Venezuelan falls in production could risk market tightness, Paris-based agency said. Increased sanctions from the U.S. against Iran, which is a member of OPEC, has put pressure on the organization and could lead to market tightness.
Crude output from the Organization of the Petroleum Exporting Countries and Russia, rose to a nine-month high in August, to 32.63 million bpd, due to a rebound in Libya production and increases from Iraq, Nigeria and Saudi Arabia, the IEA said. – Neal Bhai Reports
