Saturday, 22 September, 2018

Oil falls as Saudi, Russian output rises

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran
Laurie Berry | 02 July, 2018, 18:55

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he said.

After Trump pulled the US out of the Iran nuclear deal, Tehran is trying to counter USA sanctions that would restrict its exports and eat into its market share.

Iran announced on Sunday that it would permit private companies to export crude oil as Tehran attempts to thwart United States sanctions against the country's oil industry.

The president also had tough words for other USA allies.

On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities".

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday.

Moment of truth for German chancellor as rebels weigh migration deals
Two of the countries mentioned - Hungary and the Czech Republic - however denied Saturday that any such deal had been reached. Ahead of a hard Bavarian state election in October, the CSU is determined to show that it is tough on migration.

"Yes, of course. That's what we're doing".

Jahangiri said it was not that "simple".

But since then sources familiar with Saudi oil thinking have briefed the market about an imminent rise in Saudi output to a record.

Oil prices rose on Friday on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

He said in the Fox interview that European companies would face sanctions if they traded with Iran now.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour. Saudi Arabia now produces some 10 million barrels of crude oil a day. The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of global affairs, knows that such thing is impossible, the official added.

Iran has urged fellow OPEC members to refrain from any unilateral measures to increase oil production. "As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicized measures targeting OPEC's unity and independence".

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