05 July, 2018
"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said.
Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall.
Looming US sanctions against Iran further contribute to expected tightness.
Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero. Iran, however, said it would be tough to erase its oil completely from the market by November, when USA sanctions snap back into place.
The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close U.S. allies with a threat to sanction European companies that do business with Iran". "We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity".
Oil prices edged up on Wednesday, lifted by a report of declining USA fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.
Turkey has also said it would keep up Iranian crude imports, while China, the largest consumer of Iranian crude oil, has criticised the United States for withdrawing from the deal.
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(ADNOC) said on Tuesday it could increase production by several hundred thousand barrels per day if needed.
In late 2016, OPEC members and 11 non-OPEC countries struck a deal to reduce oil output by 1.8 million barrels per day compared to October 2016.
Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of a year ago, amid a structural underinvestment in the country.
"In an ideal world an increase in global or regional oil production would have downward pressure on prices".
This was due to outages around the world from Libya to Canada and Venezuela are keeping priced elevated.
Mr Trump took another swing at his European allies saying they dealt unfairly with the U.S. over trade.
Hook declined to say if the kingdom can offer that additional supply, but the USA is "working to minimize disruptions to the global market", Hook said.