Oil eases on China refining dip, higher USA crude output

Gold daily chart triangle on the verge of breaking

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

The U.S.is putting pressure on OPEC members to increase production as global benchmark prices flirt with $80 a barrel, raising pump prices in the months before the U.S. votes in midterm elections that could decide which party controls Congress.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again".

"We have looked at a scenario, not a forecast, showing that by the end of next year output from these two countries (Venezuela and Iran) could be 1.5 mb/d (million barrels per day) lower than it is today", it said in a report.

Saudi Arabia last month signaled it was ready to boost output in the second half of the year to ease consumer anxiety about higher prices, a policy U-turn for the kingdom that only weeks earlier advocated for production restraint.


Brimming with confidence after the recent informal summit between Prime Minister Modi and President Xi Jinping, India and China are discussing ways to form an oil buyers club with China, Japan and South Korea.

Since early in 2017, however, OPEC has coordinated with Russian Federation, another oil-exporting country that is not an OPEC member, to try to regulate global supplies.

Meanwhile, output from Venezuela - a major oil exporter to the US - has plunged as the country goes through a political and economic crisis. The House Judiciary Committee approved a bill Wednesday to subject OPEC to USA antitrust law by removing state immunity shields.

Although Saudi Arabia has benefited from oil's rally over the last two years, the government relies on a strong security relationship with the US, giving Washington some influence in the debate over OPEC policy. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices. The committee chairman, Rep. The measure now goes to the full House.

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

Earlier in the session, Brent and US crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts. "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two". The calculus changed after Trump announced in May that Washington was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions. He previously covered the Trump White House. Schumer spoke as he stood in front of the price sign - regular for $3.09 - at an Exxon station on Capitol Hill.

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