Oil steadies but threat of higher supply curbs gains

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"You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said in a statement to Reuters, referring to his country and Venezuela. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

"I think we will see OPEC-plus agree to increase output at the meeting", said Warren Patterson, a commodities strategist at ING Bank NV in Amsterdam, who anticipated OPEC would launch its "exit strategy" before it was signaled by Saudi Arabia last month.

"During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India", the statement said. "Not good!" U.S. president Donald Trump tweeted.

Saudi Arabia and Russian Federation have said it's time to reverse the cuts and appear to have begun reviving supplies, but face opposition from Iran, Iraq and Venezuela.

Brent crude futures, the worldwide benchmark for oil prices, were at $75.49 per barrel at 0005 GMT, down 39 cents, or 0.5 percent, from the last close.

"Our best guess is now that there will be no formal decision to change the production target, but a rather a type of agreement or understanding that compliance will be relaxed", said Johannes Benigni, chairman of JBC Energy Group in Singapore.

USA crude output has risen nearly 30 percent in the last two years to a record high of 10.9 million barrels per day.

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OPEC and various non-OPEC oil producers are set to convene in Vienna later in the month to discuss future production.

For now, global oil demand growth is expected at 1.61 millions of barrels per day (mb/d) in the second half of the year, with total oil demand projected to breach the 100 mb/d level.

The International Energy Agency - which advises consuming nations - said earlier Wednesday that output from Iran and Venezuela could drop by 1.5 million barrels a day, or nearly 30 percent, by the end of next year because of us sanctions and economic upheaval.

Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration.

OPEC itself spotlighted U.S. output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.

Oil prices steadied on Thursday, but were likely to remain under pressure from evidence of rising USA output and uncertainty over the outlook for supply before a key meeting next week of the world's largest exporters.

According to figures compiled by Platts from market players, Organization of Petroleum Exporting
Countries (OPEC) and tanker tracking service companies that monitor crude shipping movements, Nigeria's crude oil production for the month of May plunged by 150,000 barrels per day.

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