Oil prices slip as production rises

Oil prices slip as production rises

Oil prices slip as production rises

Oil has retreated from the highs of May as Saudi Arabia and Russian Federation signaled they may increase output later this year to counter supply losses from other producers, while U.S. President Donald Trump is also pressuring them to temper crude prices.

In its closely watched Monthly Oil Market Report published today, OPEC revised up its non-OPEC supply growth estimate by 130,000 bpd compared to last month's report, and now expects non-OPEC supply growth of 1.86 million bpd in 2018 compared to 2017. That move took USA crude from about $50 a barrel in late 2016 to more than $70 in 2018.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.

LONDON-Oil prices edged lower Wednesday, as traders appeared to discard fresh signs of robust demand and kept their eyes fixed on OPEC's gathering next week.

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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.

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year. "Not good!" he wrote on Twitter.

The president's tweet comes ahead of a two-day meeting that OPEC and other producers will attend beginning June 22 in Vienna to discuss future policy on output.

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

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Dutch bank ING, however, said some OPEC members would "struggle to push production back to October 2016 levels".

Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC's secondary sources.

In the United States, rising gasoline prices have threatened to blunt other economic headwinds.

"Looks like OPEC is at it again", Trump said in an April 20 tweet. Prices nationwide have edged up toward $3 a gallon as the US hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

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