Halting Iranian oil export is an illusion: Jahangiri

06 July, 2018, 04:40 | Author: Sally Reid
  • Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

NAN reports that on Twitter, Trump called on OPEC countries, fresh from a meeting in which they chose to raise oil output by an indeterminate amount, to do more to bring down crude prices. The move lower is attributable to Saudi Arabia's willingness to increase demand at the request of US President Donald Trump.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.

Both leaders also discussed "efforts by the oil-producing countries to compensate for any potential shortage in supplies", SPA reported. He has tweeted about the Organization of Petroleum Exporting Countries at least 63 times since 2011, repeatedly saying the group is "ripping us off" and that crude should cost no more than $25 a barrel.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market.

Also on Thursday, data showed United States crude stockpiles rose unexpectedly last week by 1.2 million barrels.

"We are not looking to grant licenses or waivers because doing so would substantially reduce pressure on Iran, and this is a campaign of imposing pressure", Hook said.

Saudi Arabia has expressed readiness to use spare production capacity to maintain market balance.

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In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase oil output by up to 2 million barrels, an assertion that the White House rowed back on in a subsequent statement.

Oil prices rose last week on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases. China, the world's biggest oil consumer, and India, the country with the fastest-growing appetite for energy, added their own complaints after prices rose. Average pump prices in the USA are up 13 percent this year, rising above $3 a gallon in April for the first time since 2014.

Oil held near US$74 a barrel amid estimates that U.S crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight.

Some major importers of Iranian crude have sent mixed signals on their willingness to abide USA sanctions, particularly as inventories remain low.

The State Department has said it expects the "vast majority" of countries will comply with the U.S. request.

"In this battle", he said, "any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason".

"In the near-term, the level of OPEC production - deployment of spare capacity by Saudi Arabia, Iraq, UAE, Kuwait (and ex-OPEC by Russia), and involuntary disruptions in Libya, Venezuela, Iran - are more important drivers of crude prices", Goldman Sachs said in a note published late on Monday.

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