Geopolitical moves by the U.S. have dominated oil prices, with sanctions on oil producers driving them up further.
Crude oil prices drifted lower in early Wednesday trading amid signs of slumping US consumer demand and lingering concerns about global trade disputes.
USA oil production has seen a record high and exports are hitting records as well.
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In the previous round of sanctions against Tehran, in which the European Union had taken part, Iranian oil exports plummeted by more than half to below 1 million barrels per day. Global reserves decreased by 0.4% year over year in 2017 and OPEC reserves dipped 0.3%, mostly due to lower production from Venezuela, the current world leader with reserves of almost 303 billion barrels.
Oil prices edged lower Friday, giving up some ground as investors continued to bet on increased supply despite concerns over output from Venezuela and Iran.
OPEC-member Iraq said on Wednesday a production increase was not on the table.
Saudi Aramco has raised its July price for its Arab Light grade for Asian customers by 20 cents a barrel versus June to a premium of $2.10 a barrel to the Oman/Dubai average, it said on Tuesday. USA oil production is up 1.5 million bpd from a year earlier.
However, Saudi Arabia and Russian Federation have said cuts could be eased after receiving calls from consumers including the United States, China and India to support global demand.
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The 14 OPEC members account for 1.21 trillion of the world's total proved reserves of 1.48 trillion barrels of crude oil. That compared with 9.6 million bpd in April.
Crude oil prices are continuing to diverge as worldwide benchmarks rise relative to land locked WTI.
The group meets in Vienna on June 22 to discuss its supply policy.
"It's a tug of war between the loss of supply from Venezuela and Iran and the potential output increase from OPEC and USA shale", said Tony Nunan, risk manager at Mitsubishi Corp.
Secondly, the oil shortage from Venezuela is keeping the oil prices on hold.
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