Russia, the United States and Saudi Arabia. Since then the black stuff has lost more than another dollar in electronic trading to trade at $66.69 Monday morning.
USA crude output has already surged by more than 27 percent in the past two years, to 10.73 million bpd, ever closer to Russia's 11 million bpd. "Bekri expressed his support for Saudi Arabia's efforts and other major producers to stabilize the oil market".
To be certain of this, Saudi Arabia keeps advocating for the reduction of oil production from the Organisation of Petroleum Exporting Countries (OPEC), which for the first time, have been really effective through various agreements signed among the OPEC member states.
Still, there are some concerns surrounding political turmoil in Italy, and the potential for further instability there rattled the stock market and raised concerns over a possibly decline in European oil demand, said Flynn.
Crude oil futures were lower during mid-morning trade in Asia Wednesday, amid continuous concerns over the OPEC-led coalition increasing production going forward.
"The regulation will send demand for middle distillates such as diesel and marine gasoil soaring, and refiners will have to shift some of the products they will be processing from crude oil", said Oilprice.com quoting analysts. The price of oil is rising due to a supply problem, even of shale oil, largely produced by the US, which has also become one of the largest oil producing nations in the world in the past five years. Further, since the election win of President Nicolas Maduro, the risk of USA imposing sanctions on Venezuela's oil industry have risen and if imposed could lead to further supply disruptions.
OPEC is once again between the rock of USA shale production and exports, and the hard place of budget gaps and investment projects that need funding.
USA oil market was closed on Monday for the Memorial Day holiday.
The global sulfur limit on fuel oil will be set at 0.5% m/m (mass/mass) in 2020 down from the 3.5% m/m current global limits. US production broke 10 million bpd for the first time in 48 years in November.