Oil prices tumbled more than 2 per cent on Wednesday after a report that U.S. President Donald Trump was considering easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about energy demand. In the middle of this scene, the Iraqi minister of petroleum, Thamer Ghadhban, announced that tomorrow the cartel and other related countries will analyze the need to make a new cut in production to stabilize prices in the worldwide market.
Woods Mackenzie said last month that the US port of Corpus Christi, Texas could emerge as the country's top crude export hub over the next decade, linking three new pipelines from the Permian, the country's most prolific shale oil basin.More news: Supreme Court allows broad enforcement of Trump asylum rule
OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. He followed up in April: "Spoke to Saudi Arabia and others about increasing oil flow".
"While the relentless stock builds we have seen since early 2018 have halted, this is temporary", the IEA said.
Much of the growth continues to come from the expansion of USA output, but there are several projects elsewhere also boosting the figure. Norway's giant Johan Sverdrup field will come online before the end of the year and produce 440,000 bpd by the middle of 2020, while seven new production units have started in Brazil since the end of last year, the IEA said.More news: Condoleezza Rice Backs Trump in Cancelling Taliban Camp David Peace Meeting
"International trade relations have further deteriorated in the past few weeks but U.S. and Chinese officials announced that they would resume trade negotiations in early October", the Paris-based IEA said in its latest monthly report. Consumption increased by just 200,000 bpd in June, meaning world oil demand growth averaged 450,000 bpd in the first half.
It based these projections on the assumption that there would be no further deterioration in the economic climate and in trade disputes.More news: Taylor Swift suspect charged in Trump golf course damage