Crude oil futures up 0.74 pc on overseas cues

Crude oil futures up 0.74 pc on overseas cues

The request comes after USA retail gasoline prices surged to their highest in more than three years and President Donald Trump in April complained about OPEC policy and rising oil prices.

"OPEC supply changes remain the biggest uncertainties in the market", said Xi Jianrui, senior crude analyst with oil consultancy JLC said.

More generally, Brent has been pushed up by the voluntary production cuts put in place past year, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation.

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

The United States has quietly asked Saudi Arabia and several other OPEC nations to raise oil production by some 1 million bpd, Bloomberg reported on Tuesday, quoting people familiar with the matter. Saudi Arabia's crude use can double as oil helps run air conditioners in the desert kingdom. And the imposition of U.S. financial sanctions against Venezuela's government helped push crude prices to 20 cents shy of $80/bl on May 22. The agreement began to be applied in January 2017 and will be valid until the end of this year.

Oil prices fell on Wednesday on worries that global supply is climbing after US inventories rose unexpectedly and Saudi Arabia and other big producers signalled that they may increase output.

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"The oil price is being driven by OPEC and views on how much and how quickly "OPEC plus" will raise output", Energy Aspects analyst Virendra Chauhan said.

May shipments were 39.05 million tonnes, or 9.2 million barrels per day. When the United States announced it would reimpose sanctions on Iran in November, Ice Brent futures rose by $2.36/bl on the day. The top three producers previous year were Russian Federation with daily production of 10.35 million barrels, Saudi Arabia with 9.96 million barrels and the United States with 9.36 million barrels.

The company is raising pricing to Asia as competing barrels from fellow OPEC producers Venezuela and Iran have dwindled from that market or are expected to become more scarce in coming months.

Iran has called on OPEC to discuss what it called "illegal" sanctions at the next meeting on June 22, which is due to debate production policies. "$80 is a temporary ceiling for oil until we hear from OPEC".

Aramco raised pricing for all grades to Northwest Europe and the Mediterranean region and for most crudes to the US, where only Extra Light was left unchanged.

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