All eyes on OPEC as Trump gripes over prices

A oil pump is seen at sunset outside Scheibenhard near Strasbourg France

OPEC, in its Monthly Oil Market Report for June, put Nigeria's output at 1.516 million bpd in May, down from 1.63 million in April and 1.861 million bpd in December 2017.

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.

Official U.S. production and inventory data is due to be published on Wednesday by the Energy Information Administration.

Meanwhile, Nigeria's oil exports are expected to fall in July to just 1.43 million bpd, loading plans showed on Monday, the lowest level so far this year, according to Reuters.

The oil market is on high alert ahead of the June 22 meeting, sector analysts reported, saying there were signs that Saudi Arabia and Russian Federation would push for higher production ceilings at the meeting.

The two ministers agreed to expand cooperation in oil and gas, Russia's ministry said in a statement after their meeting in Moscow. While Opec countries are still the dominant suppliers to Asia, nearly all big importers in the region have increasingly turned to U.S. crude after a four-decade ban on American exports was lifted in late 2015.

The two countries share a common view that production should increase gradually, but the precise volume of oil that could be returned to the market and the timing of the boost will be discussed with other ministers next week, Novak said.

Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the USA president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month.

India and China are discussing ways to boost imports of United States crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official.

UAE, Saudi confirm start of Eid Al Fitr
The private sector receives two holiday days for Eid, which means either Friday and Saturday will be off, or Saturday and Sunday. Earlier, the Pakistan Meteorological Department, had said that it was unlikely the Shawwal moon will be sighted on Thursday.

OPEC on Tuesday said that the oil market outlook in the second-half of 2018 is highly uncertain and warned of downside risks to demand.

OPEC's top producer, Saudi Arabia, topped the output-rise table among members, with its production growing to 10.01 million b/d in May, the survey found.

Prices peaked in late May, scraping the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.

OPEC and non-OPEC producers are meeting in Vienna on June 22 to discuss the supply situation.

The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.

Fund manager Pierre Andurand at Andurand Capital was bullish.

Crude stocks fell by 4.143 million barrels to 432.441 million barrels for the week ended June 8, according to weekly numbers from the EIA.

Prices, however, were already rising on growing demand and expectations that a sharp pullback in new investment by oil companies would reduce the oil supply.

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