Algeria warns Saudi Arabia, Russia against increasing oil output
03 July, 2018, 11:37 | Author: Brooke Harris
He warned against any move in the crude market by any country to replace Iran's share, saying that those who intend to do so will betray Iran and will be punished someday.
Trump is pressuring allies to stop buying Iranian oil as a tactic to make Iranian leaders negotiate a new nuclear deal, after he pulled out of the 2015 agreement two months ago. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.
Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.
"US petroleum demand growth slowed significantly to 385,000 bpd year-on-year in April, compared with a growth of more than 730,000 bpd year-on-year in Q1", Barclays bank said, adding that this was mostly due to higher fuel prices.
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"It is becoming increasingly clear that Saudi Arabia and Russian Federation will struggle to compensate for potential losses in oil production from the likes of Venezuela, Iran and Libya".
"Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.
"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude-oil sales", Brian Hook, the State Department's director of policy planning, said at a briefing.
Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.
Saudi Arabia could cover most of the current Iranian oil supplies for International Olympic Committee if India and its refiners were to cut off Tehran crude intake, Singh said, adding that a narrowing spread between Brent Crude and the Dubai oil benchmark gives refiners more options to source reasonably priced crude oil.
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