Trump says Saudi Arabia has agreed to increase oil production
03 July, 2018, 12:28 | Author: Brooke Harris
The White House statement confirmed that Saudi Arabia had informed Trump that the country has extra production capacity.
"While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", she said.
"We expect a rise in production from Russian Federation".
As far as demand is concerned, it has been making records all year, and OPEC has said it will raise output in order to meet demand and replace crude from unplanned disruptions.
After being largely abandoned by its fellow Opec members, Iran was hit even harder by its greatest foe.
Growing concerns over US' relations with major oil producers like Iran and Venezuela is threatening the market.
Oil production by the countries of the Organization of the Petroleum Exporting Countries has dipped because of supply disruptions in Iran, Venezuela and Angola, driving prices to near $80 a barrel. And Venezuela's oil output was around 540,000 bpd below its target level in May.
The statement did not mention any intention by Saudi Arabia, the world's top oil exporter, to raise production to 2 million barrels per day. In Libya, the supply of up to 780,000 barrels of crude a day is at risk, according to analysts. venezuela's sliding output is also helping boost prices as the USA sanctions that country. Hence, Opec and other non-Opec countries could potentially plug any gap. Prices to [o] high! These mainly include Saudi Arabia, Russia, the UAE, Kuwait, Iraq and Kazakhstan.
European refiners, anxious about the USA sanctions on Iran which are set to be more severe than those imposed in 2012, are cutting their imports of Iranian oil.
Output is expected to rise to 11 million barrels in July, according to Reuters. "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said.
"I guess the Saudis want to give the confidence to Trump to go very hardcore on Iran", tweeted the oil market's most vocal bull, commodities hedge-fund manager Pierre Andurand.
Rising oil prices are impacting American prices at the pump.
Trump is a long-standing critic of Opec, complaining in April that the group keeps fuel prices artificially high.
It was not immediately clear what level of production Trump was referring to or by when. Every month, it usually buys around 5.5 million to 6 million barrels of oil from Iran.
"We will be in uncharted territory", Amrita Sen, chief oil analyst at Energy Aspects Ltd.in London, said.
During the previous round of sanctions, India was one of the few countries that continued to buy Iranian oil, although it had to reduce imports as shipping, insurance and banking channels were choked due to the European and United States sanctions.
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