The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russian Federation, a non-OPEC country that since late 2016 has cooperated with the cartel to limit production.
"It's really a double whammy for Iran", Smith says, "from the perspective that because sanctions are being placed on them, they're not going to be able to export as much, because they probably won't be able to send crude into Europe". It said China takes around 20% of all United States crude exports.
In the wake of Friday's latest barrage of United States sanctions on China, the biggest customer for U.S. oil exports is threatening to impose its own tariffs on USA energy imports. Brent crude jumped $1.55 to $74.99 a barrel. "Not good!" Trump said in a Twitter message.
"This renewed commentary by Novak that they're looking for 1.5 million bpd of production is putting downward pressure on prices in a significant manner". We expect prices to be in broad range of $63 and $66 on the WTI, with heightened volatility ahead of the event.
An OPEC technical panel has found that global oil demand is on pace to stay strong in the second half of this year, suggesting that the oil market could comfortably absorb a production increase without sending oil prices plummeting, Reuters reported on Tuesday, citing three OPEC sources.