Crude oil steady as official United States inventories fall

Investors get comfortable with Brent crude at USD 80 a barrel this week- Report

Investors get comfortable with Brent crude at USD 80 a barrel this week- Report

President Trump warned members of OPEC again on Thursday that now is not the time to be greedy or the protection provided by the U.S.to the Middle East could be in jeopardy.

The rise in crude oil prices this quarter could contribute to increases in cash from operations and capital expenditures, said the EIA in its review, which included Big Oil, Rosneft, and Sinopec, and many smaller companies and USA companies focused on shale production. Please read our before commenting. On Wednesday, the price was down 3 cents at Dollars 79.00 by 1110 GMT.

The Lone Star state no the USA has climbed up the rankings in terms of energy security because it w produces so much oil that it would be ranked third in the world on its own if it were a country, outstripping the likes of Iraq and Iran.

US oil production in August averaged 10.9 million barrels per day, the EIA estimates - up by 120,000 barrels per day in June.

The sanctions are a result of Trump pulling out of the Iran nuclear deal and will essentially remove hundreds of thousands of barrels of oil from the market.

The North Sea benchmark has been trading close to $80 a barrel, near its highest for nearly four years, on expectations that U.S. sanctions against Iran, Opec's third biggest producer, will reduce supply in world markets.

"I will block any OPEC decision that poses the slightest threat to Iran", Iran's oil minister said.

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Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels.

"The OPEC monopoly must get prices down now".

Global benchmark Brent crude was up by 20 cents, or 0.3 per cent, at $79.60 by 0214 GMT, after gaining half-a-per cent on Wednesday. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

Opec and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. The last time the United States led the world in oil production was 1973.

Continuing declines in supply from Venezuela and Iran remain the main reason for rising crude oil prices.

The market reversed course after a source told Reuters that OPEC and its allies were discussing the possibility of raising output by 500,000 barrels per day.

Finally, weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer.

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