Gasoline Price Set To Soar Despite OPEC Deal

Gasoline Price Set To Soar Despite OPEC Deal

Gasoline Price Set To Soar Despite OPEC Deal

"Saturday's OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18", Goldman Sachs said in a note on Sunday.

"With the global market pricing to pull crude out of the US, this loss of USA supplies will exacerbate the current global deficit, making the increase in OPEC production all the more required", the analysts wrote in the report.

The head of Saudi oil giant Aramco said it has spare capacity of 2 million bpd and can meet additional oil demand in case of any interruption in supplies.

Dmitriev told Reuters he expected investments between the two countries to double in the next three years.

U.S. West Texas Intermediate (WTI) crude futures were at $68.41 a barrel, down 0.25 percent, supported more than Brent by a slight drop in U.S. drilling activity and a Canadian supply outage.

Saudi Arabia and Russian Federation initially proposed raising output after curbs by OPEC and its allies since past year helped eliminate a global glut and boosted Brent crude to US$80 a barrel for the first time since 2014.

This is coming as Russian Oil Minister, Alexander Novak, has disclosed that his country's push to increase oil production came independently, and dismissed the suggestion that public pressure from the USA played a role in its decision.

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Al-Falih also said leaders from other countries including India, China and South Korea had also expressed concerns to him that their economies were "starting to feel the pinch of higher oil prices".

The slide on Wall Street pressured oil, analysts said.

This makes ideal sense, since crude oil prices are now the highest in more than three years, but not everybody is so pessimistic. Oil prices are artificially Very High!

The rally came as a surprise because even though no firm numbers were specified in the meeting communique, analysts expect around 770,000-800,000 b/d of crude supply will come back onto the market, a largely bearish development.

He said to make the organisation more attractive, the OPEC secretariat was designing a framework that would allow countries to join the organisation as part-time members.

Pradhan said the world has for too long seen prices on a roller coaster and interventions which are detached from market fundamentals. "Price of oil and gas have become subject to vagaries of geopolitics", he had added.

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