Russia's Novak: Gradual easing of oil prod. cuts possible from July 1


OPEC and non-OPEC producers are meeting in Vienna on June 22 to discuss the supply situation.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back at Trump in a statement to Reuters.

"(ECB President Mario) Draghi came out a little bit more dovish than people thought he was going to be.

It also kept oil demand growth unchanged in 2018 despite some offsetting revisions in both Organisation for Economic Co-operation and Development, OECD, and non-OECD countries.

The former is experiencing economic turmoil and the latter is facing a re-imposition of sanctions after the USA withdrawal from Iran's nuclear deal.

The US move has pressured European and Asian clients to stop importing Iranian oil or doing business with the country.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from the top three producers are increasing.

Charles Schumer, the leader of Senate Democrats, recently linked $3-plus gasoline to Trump's decision to revive sanctions on Iran.

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Sitting across from Trump at a small side table, Kim told the U.S. president through a translator: "It was not easy to get here". Trump will become the first US president to meet with North Korea's leader since the communist nation was formed in 1948.

"We agreed to promote (business-to-business) cooperation... and we are hopeful that in future buyers will be able to dictate prices", oil minister Dharmendra Pradhan said after meeting China National Petroleum Corporation chairman Wang Yilin and Li Fanrong, deputy administrator of China's National Energy Administration, on the sidelines of the 16th International Energy Forum ministerial round in April.

Nigeria's production plunged 150,000 b/d in the month to 1.73 million b/d, a one-year low, according to the survey by Platts. USA light crude was 15 cents lower at $66.21.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price action", said Lukman Otunuga, analyst at futures brokerage FXTM. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices.

Iran's share of OPEC production increased slightly last month, possibly a sign that the country's crude exports have not yet been affected by the USA decision to ditch a landmark global nuclear accord with Tehran and re-impose damaging sanctions.

Fund manager Pierre Andurand at Andurand Capital was bullish.

Futures rose 0.8 percent to 468.1 yuan a barrel in afternoon trading on the Shanghai International Energy Exchange.

Amid indications that India is looking at non-OPEC sources of crude such as the United States and China to beat down prices, oil minister Dharmendra Pradhan on Thursday met ambassadors from the cartel's member-countries to deliver a sharp message: be "responsible" with oil pricing or lose market share. Gasoline demand has remained strong, rising to an estimated 9.9 million bpd as of last week, according to US Energy Department data. The House Judiciary Committee approved a bill Wednesday to subject OPEC to USA antitrust law by removing state immunity shields.

The measure would have to pass the full House and the US Senate before Trump could sign it into law.