United States oil slumps as China threatens duty on USA crude imports

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The cut has since then pushed up the price of crude oil by about 50 percent.

The Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship Dharmendra Pradhan will lead an official delegation to participate in the 7th OPEC International Seminar organised by the Organisation of Petroleum Exporting Countries (OPEC) as a special guest in Vienna, Austria from 19-20th June 2018.The visit comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014. "What if we have another hurricane", he said, referring to Hurricane Harvey, which took out refinery capacity in Houston and sent gasoline prices soaring for a while last fall. "It's going to be the most interesting meeting for a while". On the other side, less privileged OPEC members like Iran, Venezuela, Iraq, Angola, Libya and Nigeria whose production levels have been under pressure by different geopolitical and economic factors like US sanctions and budget deficit need the prices to stay at current levels. These twin crises could remove 1.5 million barrels a day from the market by next year, while also giving those two nations an incentive to block any efforts to fill the gap.

China on Friday said it would retaliate by slapping duties on American export products, including crude oil.

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On a related note, Pradhan is slated to attend the OPEC meeting in Vienna on June 20.

Meanwhile, Russia plans to propose the OPEC/non-OPEC allies next week that they reverse the group's production to the October 2016 levels - the baseline for the cuts of most pact participants when they had pumped as much oil as they could to blunt the cuts' impact later is putting pressure on crude oil prices. That would be a major diplomatic breakthrough for Riyadh and Moscow after just two years of cooperation on oil policy. Rising interest rates in the United States are adding to the strength in the dollar; some of the other countries are having to raise interest rates to protect their currencies against the rampaging greenback.

"We need to release supply to the market", Saudi Arabian Energy Minister Khalid al-Falih told reporters in Vienna. "Now all countries want to extract more oil and the price of each barrel nearly costs twice as much as on the day of signing the agreement", he explained.

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The signatories to the OPEC-non-OPEC deal are now considering possible changes to the terms of the deal, in particular, the possibility of increasing oil production. Thus, although Saudi Arabia and Russian Federation might decide increase the output, the higher production might not offset the disruptions. Sharma expects output to climb whatever OPEC agrees.

OPEC, the intergovernmental body that coordinates and stabilizes global oil markets, is expected to convene on Friday for one of its semi-annual meetings. Saudi Arabia's own data for May showed it increased its own output by 161,400 barrels a day. Since this will offset losses in Venezuela, "the result will be broadly stable total OPEC crude, rather than continued declines". Off-topic, inappropriate or insulting comments will be removed.

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