Oil prices drop on expectations OPEC could boost output

Oil prices drop on expectations OPEC could boost output

Oil prices drop on expectations OPEC could boost output

Elsewhere, Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday.

The Organization of the Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from Venezuela and Iran, the latter in part due to the USA decision to withdraw from the Iran nuclear arms control deal, Opec and oil industry sources told Reuters.

"The talks now are to bring compliance down to the 100 percent level, more for OPEC rather than for non-OPEC", one source said.

"I believe that the reduction of [Iranian] oil output over sanctions will be less significant than it was predicted - about 10 percent".

After reaching its highest point since the second week of November 2014 on Wednesday, the price of crude oil slid by nearly 3 percent Thursday and Friday. Both men said the size of the increase was still subject to negotiation.

July Brent oil, the worldwide benchmark declined $2.35, or 3%, to $76.44 a barrel on ICE Futures Europe, for the lowest settlement since May 8.

US West Texas Intermediate (WTI) crude futures were down 17c or 0.24% at $71.67 a barrel. Longs slipped less than 0.1%, while shorts climbed 23%, the biggest jump since April.

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At an economic forum in St. Petersburg, Russia, OPEC's Secretary-General Mohammad Barkindo said Friday the discussion by OPEC to increase supplies followed Trump's tweet. "It makes flawless sense for the folks that are long to say, 'How much longer can this thing continue to grow?'" Still, the coalition is weighing the possibility of easing output limits at a time when drillers are pumping record amounts of crude from American shale basins.

A dearth of pipelines in West Texas' Permian Basin, the most prolific U.S. oil play, is leaving supplies trapped in the region. US crude output last week rose modestly to 10.7 million bpd, a record, keeping it in second place behind Russian production at 11 million bpd.

Commercial inventories of crude increased by 5.8m barrels over the week ending on 18 May to reach 438.1m barrels, according to the Energy Information Administration, the Department of Energy's statistical arm.

The slump followed media reports that the Organization of the Petroleum Exporting Countries and Russian Federation are discussing plans to lift their production for the first time since 2016.

On Friday, as reported by sources, oil prices have plunged in finishing at their lowest levels in weeks.

He added that there was "likely to be a gradual oil supply boost in second half", as the global economy and anxiety of consumers "is a concern" to OPEC. Analysts were looking for a 1.388-million-barrel draw.

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