International oil prices were mixed on Tuesday (June 12), as the Organization of Petroleum Exporting Countries (OPEC) showed a tendency to increase production, but Iran’s fear of withdrawing from the nuclear deal brought some support to oil prices, but the dollar rebounded to increase the downside risk of oil prices. US WTI crude oil futures price hit a high of 66.89 US dollars / barrel, Brent crude oil futures price hit a minimum of 75.83 US dollars / barrel.
The OPEC monthly report showed that OPEC crude oil production increased by 35,000 barrels per day to 31.87 million barrels per day in May, although most of the increase in Saudi Arabia, Algeria and Iraq was offset by the decline in production in Venezuela, Libya and Nigeria.
At present, OPEC is cautious, because the crude oil market still has great uncertainty during the year.
OPEC said in its monthly report: "The oil market is expected to have "significant uncertainty" in the second half of 2018, as there is a downside risk to demand in the US, China and India, and non-OPEC supply is growing."
OPEC member states will meet in Vienna on June 22 and are expected to decide whether they need to increase by 1 million barrels per day to fill the supply gap between Venezuela and Iran.
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