Baker Hughes' weekly rig count, released on Friday, showed USA energy companies added 15 new oil rigs to production last week, taking total drilling activity to its highest since March 2015.
However, oil could jump to $100 in the event of a "complete collapse" in Venezuelan crude production, Parker said. OPEC is raising output because it is trying to keep crude oil at a price that is more attractive to refiners.
But by last week, Saudi Arabia and Russian Federation, as well as the USA, all discussed the possibility of increasing production once again-which could ease prices and thus help head off a possible global economic downturn caused by high per-barrel costs. Prices on Monday lost $1.14 to $75.30.
This was in contrast to USA crude production surging by more than 27% in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to Russia's 11 million bpd, according to Reuters.
In 2003, the Philippines and Thailand signed a memorandum of understanding to jointly study, investigate and assess the possibilities of cooperation, including the identification of strategic locations for oil stockpiling and distribution points. What's going on in the global oil market to trigger this decline, which is welcomed the world over by energy consumers?
Oil headed for its longest run of losses since February as investors weighed Saudi Arabia and Russia's proposal to boost output to ease concerns over supply shortages.
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The Organization of the Petroleum Exporting Countries (Opec) is due to meet in Vienna on June 22.
USA energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
Again, there is a geopolitical angle, with China, the world's biggest crude importer, under political pressure by President Trump pressure to buy more from the United States in order to lower the US trade deficit with China.
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.
Selling half the reserve over a full decade would have limited impact on world oil prices.
"The current level of the market deficit, the robustness of the demand backdrop, and the rising levels of disruptions all set the stage for inventories to fall further", the analysts wrote in the May 25 report.