Oil prices fell today after the OPEC decision taken at Vienna meeting.
It would be troubling if that jump in prices became a trend, the Minister said, adding that producers with spare capacity, such as Saudi Arabia, can fill any gap left by falling production elsewhere.
Yet reports suggested the 1.5-million-bpd was a tactical move to get the more unwilling OPEC members on the output increase train by first hitting them with the 1.5-million-bpd proposal and then lowering it to a more palatable level. Exactly how much of an increase we will see remains unclear, but the very fact that the production jump will be smaller than traders had hoped for has been enough to send prices spiking.
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 U.S. played a role in its decision.
The vague wording of that agreement left it open to such a broad range of interpretations and, helping to secure a last-minute compromise that overcame Iranian opposition to any increase.
OPEC and its allies have since a year ago been participating in a pact to cut output by 1.8 million barrels per day. "But because we went away from allocation on a pro-rata basis, we will be closer to 1-M than to 600,000 barrels a day".
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In fact, all OPEC said in its statement after the Friday meeting was that it will rein in its compliance rate from the 152 percent for May to 100 percent.
Minister Novak is fully aligned with Al-Falih, saying Russian Federation would contribute as much as 200,000 BPD to the supply boost. UAE Energy Minister Suhail Al Mazrouei gave similar assurances.
India's dire warning of its demand shrinking by one million barrels per day if oil prices continued their upward march was one of the factors that pushed oil cartel OPEC to raise production to cool prices. "And while Saudi is already ramping up exports, these will not be delivered until August with June stock draws already accelerating".
The API data showed builds in gasoline and diesel inventories.
Iran said it didn't believe buyers of its oil would get waivers from the USA government after Trump's renewal of sanctions.
Have a terrific week.