Latin America Energy, Oil and Gas, News and Information

Latin America Energy, Oil and Gas, News and Information

Oil traded near its highest in three and half years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East as U. S. President Donald Trump says OPEC should cut prices. S. defends many of their members for very little dollars.

OPEC members agreed June 23 to increase crude oil output by pumping 1 million barrels more daily, but it is still unclear how much of the oil produced would ease off prices in a period-the northern hemisphere's summer-generally associated with high oil demand.

Saudi Arabia cut pricing for most of its oil grades as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. President Donald Trump's demands that OPEC do more to stabilize oil markets. "Please stop using this method". "Looming US sanctions on Iran, however, are causing serious concerns amongst market players".

Even so, renewed USA sanctions on Iran against its oil exports look set to tighten supply further.

Oil traded near $74 a barrel in NY as Saudi Arabia's pledges to boost supply assuaged concerns of a shortage, while a decline in crude stockpiles in the USA inflamed them.

US crude inventories fell by 4.5 million barrels (MMBbl), to 416.9 MMBbl in the week ended June 29, the American Petroleum Institute (API) said Tuesday.

US West Texas Intermediate (WTI) crude futures were down 26 cents, or 0.4 percent, at $73.88 per barrel.

Kazempour's defense of OPEC came one day after Trump took to Twitter to attack the organization for its inaction on rising oil prices.

Mexico's president-elect shuns guards, asks 'people' for protection
Lopez Obrador vows to improve Mexicans' lives by ending corruption and years of drug violence, while also reducing the wealth gap. The brash United States leader has also threatened to tear up NAFTA, the two-decade-old North American Free Trade Agreement.

US markets also garnered support from a government employment report showing better-than-expected growth in jobs.

American crude shipments to China are around 400,000 barrels per day (bpd), worth $1 billion a month at current prices.

The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".

"You are hammering on good guys in OPEC", Kazempour said, according to Bloomberg.

The most-active Brent futures contract for September delivery settled up 48 cents at $78.24 per barrel.

On Wednesday, Trump said OPEC is "driving oil prices higher", urging the cartel to reduce the price at the soonest. "Perhaps one of the US president's advisors should explain this to him", the German financial institution added.

This would already take it to record levels but Trump's suggestion of raising production to two million barrels per day would stretch Saudi Arabia to its absolute limit.

"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote.

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