Oil Drop Below $80 Vindicates Cautious Investors Trimming Bets

Oil Drop Below $80 Vindicates Cautious Investors Trimming Bets

Oil Drop Below $80 Vindicates Cautious Investors Trimming Bets

Meanwhile, oil companies in the United States are taking their time in ramping up production in an effort to avoid debt.

The Trump decision to renew USA sanctions on Iran could cut as much as half a million barrels a day from Iranian oil exports.

Since 2017, financial sanctions on Venezuela and PDVSA and quality problems with some PDVSA's crude grades also have created obstacles for US customers to import or pay for oil shipments from the South American country, affecting refiners such as PBF and Phillips 66. Augusto Montiel said the United States sanctions have hit oil production in Venezuela and criticised Washington for "interfering" in its domestic affairs.

The increase in so-called discretionary consumer oil hedging, after a three-year period of low prices, is still relatively incipient, but has picked up over the last couple of weeks, according to traders, bankers and consultants familiar with the matter who asked not to be identified discussing private deals.

Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014, U.S. West Texas Intermediate (WTI) crude futures eased 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014, Reuters reported.

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But there are other things Trump could do short of ordering an oil embargo, such as cutting US exports of diluents to Venezuela . On Saturday, the United States ramped up pressure on Caracas by imposing new sanctions against the government's top officials.

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USA crude stockpiles climbed unexpectedly last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. "But if Iran and Venezuela will reduce the supply of likely oil will need more that the price of oil rose even more", - he said "Interfax" on the sidelines of the St. Petersburg worldwide economic forum (SPIEF-2018). While rates of worldwide production have slowly risen, it's unlikely that oil producers will be able to keep up with demand thanks to restrained production in both the United States and Saudi Arabia.

Oil prices reference marks are weakly decrease during the auction on Friday, may 25, after falling the previous day for the third session in a row.

Novak said current cuts were 2.7 million bpd because of the drop in Venezuelan production but he declined to say whether OPEC and Russian Federation would decide to boost output by 1 million bpd at their meeting on June 22.

Yesterday US crude was above 70 dollars a barrel, today it's slipping to 68.48. I think the question is, do I need a lot of oil on the market?

For Russia, stability is more important than a short-term significant growth in price, he said in the interview.

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