• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 8 hours Indonesia Stands Up to China. Will Japan Help?
  • 2 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 hour Shale Oil Fiasco
  • 15 hours Might be Time for NG Producers to Find New Career
  • 2 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 18 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 13 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 8 hours Beijing Must Face Reality That Taiwan is Independent
  • 14 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 19 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 2 days US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

Alt Text

Why Trump Can’t Retreat From The Middle East

Without the need for Saudi…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Stabilizes Ahead Of Weekly Inventory Data

Oil prices seesawed early on Tuesday, supported by indications that OPEC may opt for prolonging the production cut deal beyond June, while tensions between the U.S. and Iran continued to feed concern about oil supply flows from the Middle East.  

As of 10:23 a.m. EDT on Tuesday, WTI Crude was down 0.25 percent at $63.05, and Brent Crude was trading up 0.03 percent, at $71.99.

In recent days, escalating tensions in the Middle East and signals from OPEC and its de facto leader Saudi Arabia that the cartel and its allies could decide to continue restricting some production through the end of this year have been trumping concerns about the state of the global economy and oil demand stemming from the U.S.-China trade war.

Reports have it that OPEC and its partners may decide to keep the oil production cuts until the end of the year as the cartel fears a steep price drop if cuts were to be reversed within the next couple of months, according to delegates at a Sunday panel meeting of the extended producers’ club who spoke to The Wall Street Journal.

Saudi Arabia’s Energy Minister Khalid al-Falih told Reuters on Sunday that he doesn’t see an oil supply shortage on the market currently, as inventories are still rising. OPEC will be responsive to the market needs, al-Falih said, but reiterated that data still suggests that inventories are rising, especially in the United States.

In considering the next step of its oil supply management policy, OPEC will have to factor in the heightened tension between the U.S. and Iran and in the Middle East as a whole.

“If Iran wants to fight, that will be the official end of Iran. Never threaten the United States again!,” U.S. President Donald Trump tweeted on Sunday, following up with remarks on Monday that “I think Iran would be making a very big mistake if they did anything.  If they do something, it’ll be met with great force. But we have no indication that they will.”

The tension between Iran and the U.S. and in the Middle East has flared up in recent weeks after the U.S. ended all sanction waivers for Iranian oil exports, aiming to drive Iran’s oil sales to zero. Iran claims the U.S. can’t and won’t drive its exports to zero and accuses the United States and its regional allies Saudi Arabia and the UAE of using oil as a political tool. Saudi Arabia reported last week attacks on its oil infrastructure as the proxy conflict escalates between Saudi Arabia and its Arab allies on the one side, and Iran and its allies on the other.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play