Trump requested Saudi oil support before Iran nuclear decision

Trump requested Saudi oil support before Iran nuclear decision

Brent, the global benchmark, fell 1.1% to $76.46.

India's oil minister said on Wednesday Saudi Arabia and other OPEC producers are "revisiting" their output-cutting policy, referring to a discussion he had with his Saudi counterpart.

West Texas Intermediate fell 1.3% to $64.67 a barrel at 11:45 a.m. ET.

Crude oil prices are continuing to diverge as worldwide benchmarks rise relative to land locked WTI.

The group and Russian Federation are due to meet at its headquarters in Vienna on June 22 to discuss production policy."The June 22 OPEC meeting will now likely become the most important factor influencing (the) crude price", Jefferies said. "North America imported 3.21 mb/d of crude oil from Member Countries, which was 82,000 b/d, or 2.5 per cent, less compared to 2016 volumes", said the cartel.

"OPEC will not bow and obey" to USA pressure to increase oil production, said Hossein Kazempour Ardebili, one of Iran's representatives to the organization.

Algerian Energy Minister Mustapha Guitouni said on state radio: "What matters to us is that there is a balance between supply and demand to ensure the stability of the oil markets".

The U.S. government had also unofficially asked Saudi Arabia and some other OPEC producers to raise output a day before Washington slapped new sanctions on Tehran.

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Investors are waiting for the official inventories report to be issued by the U.S. Energy Department's Energy Information Administration at 1430 GMT.

Also, shorter lead time for USA shale to go from exploration to production, together with lower oil threshold prices of $60-$70 range today needed for shale rigs to start work from $100 in previous years, are added incentives for Saudi to agree.

The European Commission announced yesterday it endorsed a decision to impose duties on imported USA goods in response to US President Donald Trump's move on aluminum and steel tariffs.

Oil prices fell further on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of Opec's production cuts.

OPEC and Russian Federation meet on June 22/23 to discuss production policy.

Global oil supply has tightened with the OPEC-led production cuts that began in early 2017.

Further weighing on prices has been rising USA output, which hit another record last week at 10.8 million bpd.

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