Saudis to pump 2mn more barrels of oil

Saudis to pump 2mn more barrels of oil

Saudis to pump 2mn more barrels of oil

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".

U.S. President Donald Trump took to Twitter again on Wednesday to complain about high oil prices and criticize OPEC, demanding that prices be reduced-and this time it was Iran that reacted to his latest tweet, saying that the President's tweets about oil have already pushed up prices by at least $10 a barrel in recent weeks.

He said: "The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in USA gas stations, is exclusively upon Trump's shoulders and the price of over $100 per barrel is yet to come".

OPEC reached an agreement in June to increase output, but this did little to stop the rise in oil prices. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

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The clash over OPEC policy and the resumption of United States sanctions on Iran has been amplified this week as Trump continues to target the group which he blames for rising prices. By withdrawing from the deal, America reimposes economic sanctions on Iran, impacting Tehran's ability to sell its oil on the market.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. EDT to $78.32 per barrel.

The early reaction to Trump's tweet was normal. "We also expect Venezuelan production to decline a further 150,000 bbl/d towards year-end, with risks still skewed to the downside", Bjørnar Tonhaugen, vice president of oil market research at Rystad Energy, said.

The leader of Saudi Arabia, OPEC's biggest member, has assured Trump that the kingdom can raise oil production if needed and that the country has 2 million barrels per day of spare capacity that could be deployed to help cool oil prices to compensate for falling output in Venezuela and Iran.

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Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of a year ago, amid a structural underinvestment in the country.

Apart from Iran, Venezuela, Libya and Angola are also facing chronic production issues. About 450,000bpd of exports has been lost due to Libyan conflict.

Saudi Arabia now produces about 10 million barrels of oil per day.

Chinese stocks fell sharply on Tuesday, with equity markets in Asia near nine-month lows as investors fear the Sino-U.S. trade row could derail a rare period of synchronized global growth.

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