Oil falls as Saudi, Russian output rises

04 July, 2018, 17:38 | Author: Brooke Harris

US President Donald Trump sent a message on Twitter that he asked Saudi Arabia to increase oil output by 2 million barrels because "prices to (sic) high".

In a tweet on Saturday, Trump said the extra Saudi oil would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.

Turkey has also said it would keep up Iranian crude imports, while China, the largest consumer of Iranian crude oil, has criticised the USA for withdrawing from the deal. They also stressed on the importance of providing supplies when necessary to "achieve common interests and stimulate the global economic growth".

"Saudi Arabia's readiness to utilize its spare production capacity which is estimated at 2 million barrels could spell trouble for oil bulls down the road", Lukman Otunuga, research analyst at FXTM, told Arab News.

Saudi Arabia's output is also on the rise and over the past few months, production has grown by 700,000 barrels per day, according to Reuters.

Trump's move comes as the world suddenly finds itself dangerously short of meeting rising global demand that's set to hit 100 million barrels per day by the fourth quarter, compared to 98.7 million during the same period past year.

Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil".

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Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the USA sanctions.

"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said. This will include allowing private companies to directly export the oil.

"OPEC will, from July 1, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation", he said in a statement cited by the news agency.

"It depends on the conduct of other governments", Bolton said.

The cabinet praised the Kingdom and the UAE's adoption of a joint strategy for integration between the two countries economically, developmentally and militarily through 44 projects called "Resolve Strategy".

At 11:06 a.m. EDT WTI crude was trading at $73.18, down $0.76 (-1.03%).

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