Why Opec Increased Crude Oil Production - Barkindo

Oil falls on OPEC's announced output rise, but markets to remain tight

Brent crude futures fell 82 cents, or 1.1 percent, to settle at $74.73 a barrel. Trump said he hoped that the group would increase output substantially in a tweet on June 22, after the end of the ministerial gathering.

The market rallied further in post-settlement trading, after the American Petroleum Institute said US crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected.

When it comes to crude oil prices, politics dwarfs everything else. Saudi Arabia has been at the forefront, alongside leading producer Russian Federation, of a group of 24 OPEC and non-OPEC nations underpinning a daily cutback of 1.8mn bpd since the start of 2017 in a bid to reduce global oil inventories and to support the price of Brent crude in the face of ever rising U.S. production - which has been spurred by its tight oil industry.

Canary LLC CEO Dan Eberhart on the impact of the OPEC decision to boost oil production.

Iran said it didn't believe buyers of its oil would get waivers from the USA government after Trump's renewal of sanctions. Those declines may accelerate as a Canadian oil-sands outage leads to a North American supply shortage, propping up WTI, the bank said.

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The head of Saudi oil giant Aramco said it has spare capacity of 2 million bpd and can meet additional oil demand in case of any interruption in supplies.

It noted that the Seminar "has become a true global platform for discussing the challenges as well as the opportunities in the energy industry".

OPEC will be set to lift daily oil production caps soon, though the limit lift will be for less than markets had initially feared, with Saudi Arabia pushing for a one million bpd production limit hike, though key OPEC countries like Iran are arguing for a comparably smaller increase of 600-800 thousand barrels.

This is coming as Russian Oil Minister, Alexander Novak, has disclosed that his country's push to increase oil production came independently, and dismissed the suggestion that public pressure from the United States played a role in its decision.

Stating that current high oil prices dent the economic development of many countries, he had stated that already fragile world economic growth will be at threat if oil prices persist at these levels. "We also need to move to transparent and flexible markets for both oil and gas", he had said.

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