Tuesday, 17 July, 2018

Trump blasts OPEC over manipulating oil markets

Iran vice president says private sector to buy, export oil Iran says to offer its crude in stock market to thwart US sanctions - Xinhua | English.news.cn
Laurie Berry | 04 July, 2018, 06:31

Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon.

Saudi Arabia's Oil Minister Khalid al-Falih arrives for an OPEC meeting in Vienna, Austria, June 22, 2018.

Crude soared above $75 a barrel in NY for the first time since 2014 on signs global supply outages outweigh OPEC's pledged production rise.

The planned production increase was meant to balance the market as global oil prices have been steadily rising, edging closer to $80 per barrel last month. But Indian banks and insurers have said they would not finance oil transactions with Iran.

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline.

WITH Saudi Arabia expressing its ability to raise oil production by two million barrels in obedience to pressures from US President Donald Trump, there are fears that Federal Government's 2018 budget just recently signed by President Muhammadu Buhari may be in trouble.

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On Saturday, President Trump touted an agreement with Saudi King Salman bin Abdul Aziz to vastly increase oil production in an effort to lower prices.

"Prices [too] high!" he said.

Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets.

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 previous year. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

An International Energy Agency scenario projects oil production falling by around 1.5 million bpd due to the loss of Iranian and Venezuelan oil.

"And I have a very good relationship with the (Saudi) king and with the crown prince of Saudi Arabia and with the others around and they are going to have to put out more oil". "We are also working with oil market participants, including producers and consumers, to ensure market stability".

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