886 million bpd in April if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell said on Tuesday.Tokyo: US oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in US crude inventories. Distillate fuels stockpiles, which include diesel and heating oil, fell by 871,000 barrels, compared with expectations for a 784,000-barrel gain.22 on Tuesday.Brent crude LCOc1 was down 8 cents, or 0.The market is waiting for a report by the US Energy Department’s Energy Information Administration at 1430 GMT.Gasoline stocks rose by 3.Elsewhere, Venezuela’s state-run oil company PDVSA has notified major customers it would declare force majeure on crude contracts unless they agree to accept ship-to-ship transfers, according to people familiar with the matter.Mexican oil output could return to 2 million barrels per day (bpd) by about 2022 from 1.

But US oil had rebounded by Tuesday’s close amid expectations US crude oil stockpiles likely fell for a second week last week.US West Texas Intermediate crude CLc1 was up 10 cents, or 0. On Tuesday, it hit its lowest since May 8 at $73.Meanwhile, Russian Energy Minister Alexander Novak said on Tuesday that oil demand should determine how OPEC and non-OPEC countries should adjust a current deal on oil output curbs.8 million barrels, American Petroleum Institute data showed after Tuesday’s settlement.US crude inventories fell by 2 million barrels, compared with analyst expectations for a decrease of 1.

US crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said the US government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure. end-of Tags: oil, oil price, opec, oil production SMC Mould Manufacturers Location: Japan, Tokyo-to, Tokyo.30 a barrel, after settling up 9 cents the session before.8 million barrels, compared with analyst expectations for a 587,000-barrel gain.Reuters reported on May 25 that the producers were considering a supply increase of 1 million bpd, with a final decision to be made at the June 22-23 meeting in Vienna of OPEC and non-OPEC ministers.81.62 a barrel by 0020 GMT on Wednesday, having settled up 77 cents.1 per cent, at $75. It touched a near two-month low of $64.2 per cent, at $65

A supply-cutting deal took effect in January 2017.Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA, said new sanctions against Tehran “could push oil prices up as much as USD 5 per barrel”.The United States has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against OPEC’s third-largest producer, tightening global supplies. EDT (2030 GMT) on Tuesday, a day before the government’s supply report.Brent crude, the global benchmark, hit its highest since OPEC on Nov. US output, supported by high prices, has hit record levels, partially offsetting the OPEC-led cuts.

U. crude CLc1 rose 51 cents to USD 69.27, gaining for a sixth day, and was up 37 cents at USD 75.S.Brent LCOc1 traded as high as USD 75. end-of Tags: opec, oil prices, benchmark, brent crude, american petroleum institute Location: United Kingdom, England, London.“Currently, all bets are off on the US staying in the nuclear agreement,” said Tamas Varga of oil broker PVM, who added this concern was the most significant element of Brent’s recent rally. 28, 2014 on Thursday.The supply cut has virtually achieved its stated goal of reducing inventories in developed economies to their five-year average, but OPEC has shown little sign yet of wanting to wind down the deal.6-million-barrel drop in crude stocks.m. The American Petroleum Institute, an industry group, releases its data for last week at 4:30 p.One of the factors limiting the oil rally is rising US production.OPEC’s supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the biggest oil-consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam.

The latest US inventory figures are expected to show a 2.15, having hit its highest since Nov.London: Oil rose on Tuesday above USD 75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed US sanctions on China SMC Mould Iran.08 by 0845 GMT.Oil prices began to recover in 2016 as the Organization of the Petroleum Exporting Countries discussed a return to market management with the help of Russia and other non-members. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to USD 27 in early 2016