Previous Iran blames Washingtong for the spike in oil prices

09 July, 2018, 06:47 | Author: Sally Reid
  • US oil touches $75 amid fears Iran will block Middle East shipments

A senior Iranian official has asked US President Donald Trump to refrain from tweeting about oil as he believes the tweets are driving up the price of the commodity. Saudi Arabia's King Salman said following a weekend phone call with U.S. President Donald Trump that both sides agreed that extraordinary efforts were needed to maintain oil market stability.

In a follow-up Twitter message on July 4, the president said that "the United States defends many of those countries for very little $´s".

"This must be a two way street", his latest statement read.

Top exporter Saudi Arabia told Opecit raised oil output by nearly 500,000 barrels per day last month, Opecsources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices. Brent crude rose 5.2% in the first week after that agreement as production losses in Libya and Venezuela and the prospect of lower Iranian exports more than made up for promises of more Saudi crude.

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

But while some have interpreted the Saudi move as a traditional Saudi card to always scramble to soothe American frustration and oblige to United States demands, other reports have suggested that Riyadh's move is the result of deep political calculations: step in to stabilize oil prices and compel the U.S. to adopt tougher measures on Iran. "REDUCE PRICING NOW!" Trump tweeted. "Looming U.S. sanctions on Iran, however, are causing serious concerns amongst market players".

Brent crude futures were at $77.70 per barrel at 0653 GMT, down 54 cents, or 0.7 percent, from their last close.

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However, the rise was much smaller than the 9.89 million drop recorded the previous week and while crude prices fell on the news they soon moved off the day's lows.

Every extra dollar on the price of a barrel of crude costs US consumers roughly $3 billion a year, assuming refining margins and fuel taxes remain constant, and ignoring gasoline consumption by businesses and the like.

"You are hammering on good guys in OPEC", Kazempour said, according to Bloomberg.

Beginning midnight Washington time on Friday, the USA imposed new tariffs on US$34 billion worth of annual imports from China, to which Beijing responded by saying that it was imposing tariffs on USA goods.

The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the USA pressure, no other regional country will be allowed to.

The inventory report also showed an increase in imports, which "provided some relief.and showed that even with the Syncrude situation, all is not lost", Kilduff said.

OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to USA sanctions.

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