Benchmark Brent oil price slips as focus returns to oversupply

India’s dilemma Donald Trump or cheap Iran oil

Prices also received a boost after OPEC's largest oil producer, Saudi Arabia, said it would temper its exports next month.

In recent weeks, supply disruptions in Venezuela, Canada, and Libya, and the prospect of significantly lowered Iranian oil exports, have supported oil prices, while Saudi Arabia and Russian Federation boosting production and the U.S.

While Saudi Arabia and Russian Federation pledged last month that OPEC would soon decide how to distribute a collective output boost of about 1 million barrels a day, the committee didn't give a recommendation on how they should share out the planned increase during its meeting on Wednesday.

President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies. Imports and exports taken together, the total USA trade in petroleum products hit 10.8 mb/d in June, the highest monthly total since 2005, dating back to the U.S. import dependence hitting its peak.

Elsewhere, the Trump administration is actively considering tapping into the nation's emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November. By 2040, the volume of supply breaking even at above $70 a barrel could be as much as 11 million bpd, WoodMac says.

The WSJ's report comes amid a growing reluctance by Western companies to buy Iranian oil and a hesitation by banks to finance energy deals in anticipation of U.S. sanctions.

France, 2018 FIFA World Cup champions
Right wing: Kylian Mbappe (France): The 19-year-old lit up the World Cup with his electric pace, power and lethal finishing. It carried on long after a thrilling 4-2 win over Croatia on Sunday. "Overall, it's been a great World Cup".

He asserted that Riyadh "does not try to push oil" into the market beyond customer needs. Saudi Arabia also cut last week its official selling prices (OSPs) by US$0.20 for most of its grades to the Asian markets for August. "For the energy renaissance to continue, the United States natural gas and oil industry critically needs policies that advance energy infrastructure around the country as well as the access of U.S. energy to global markets". Prices yesterday dropped 32 cents to US$72.58.

According to the newspaper, oil supplies from Iran should be completely stopped by October. Most important, the uncertainty over how the USA will treat Iran sanctions has led to a spike in volatility.

Fuel prices were supported the last few weeks in large part because almost 700,000 bpd was shut down in Libya.

Iran traded oil and condensate for around $52 a barrel in 2017.

However, they can only alter their yield by a few percent, particularly because refiners are flush with light US crude that produces gasoline-friendly naphtha, Rogers said.

Oil prices dropped on Wednesday after an industry group reported that USA crude inventories rose last week, defying analyst expectations for a significant reduction.

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