Saudis will pump up oil production, says Trump

02 July, 2018, 10:31 | Author: Barbara Daniel
  • India Considers Cuts to Oil Imports from Iran

"He has agreed!" the tweet read. Refiners tend to buy only when lower US demand from events such as refinery maintenance drives down USA oil prices. The two leaders stressed the importance of maintaining oil-market stability, according to the report.

Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the nuclear deal between Tehran and world powers.

However, it is unclear how seriously to take Trump's claim of success.

According to Monica Malik, chief economist at Abu Dhabi Commercial Bank, OPEC members' statements indicated a move to a group-wide ceiling, rather than the individual country allocation, hence allowing members with spare capacities to increase production to compensate for lower or falling output from other countries.

Last week, OPEC-led Saudi Arabia and non-OPEC member Russian Federation agreed to boost crude production by a total of 1 million barrels per day (bpd) for the remaining of the year.

The statement reported by Saudi media did not mention any intention by Saudi Arabia to raise production by 2 million barrels per day.

"If we take 2 million barrels of oil off the market, what is going to be left in the tank?"

The increase was described as "nominal" by Saudi Energy Minister Khalid Al Falih.

Meanwhile, UK-based energy consultancy group, Fact Global Energy (FGE), reported in its June newsletter that Washington is determined to "push Iran's exports to zero". Added to the losses from Venezuela, is there enough capacity to replace the lost Iranian volume?? The agency didn't say the leaders agreed or make any reference to 2 million barrels.

Turmoil has surrounded Iran after Trump announced the USA was pulling out of the Iran nuclear deal, and has since urged allies to stop buying oil from the country.

The US government has threatened with sanctions all the companies in the world that starting next November 5 continue doing business with Iran, which includes oil purchases. Trump ordered the re-imposition of USA sanctions against Iran that were suspended under the accord.

Japan imported an 18-year high of 10.3 million barrels of USA crude in 2017, but imports slowed sharply in the first five months of this year as US spot crude prices were stronger than Middle East benchmark Dubai.

Oil analysts said OPEC producers may not be able to fully supply the market if Iranian oil is cut from the market. Turkey stood at 9 percent and Italy at 7 percent.

The State Department has said it expects the "vast majority" of countries will comply with the U.S. request.

USA officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement.

Recommended:

  • Artificial intelligence robot launched to ISS from US

    Artificial intelligence robot launched to ISS from US

    No, these were not caused by aliens or UFOs, but by a Falcon 9 rocket that had blasted off from Cape Canaveral at 5:42 a.m. NASA's commentator said , "We have ignition and liftoff!" The capsule is scheduled to reach the station on July 2.
    Mavs land C Jordan on 1-year deal

    Mavs land C Jordan on 1-year deal

    The Dallas Mavericks appear Jordan's probable destination, but an offer from the dominant Warriors could be of interest. As a historically bad rebounding team , the Mavs have not had a rebounder like Jordan in many years, maybe ever.
    Drake Releases His Double Album, 'Scorpion'

    Drake Releases His Double Album, 'Scorpion'

    Drake , in a rare interview past year , described Jackson as a longtime model and voiced dismay at being pigeon-holed as a rapper. Drake's successes are definitely hard to match, but on this album he shouts out someone he deems to be a peer: Adele .
  • Priyanka Chopra says Nick Jonas is her ‘favourite man’

    Priyanka Chopra says Nick Jonas is her ‘favourite man’

    The couple made a decision to get married in March and a grand party was hosted by the Ambanis on the occasion. Actress Priyanka Chopra and her rumoured boyfriend Priyanka Chopra were also present in the party.
    The Dallas Mavericks Hasten Rebuild with Luka Doncic

    The Dallas Mavericks Hasten Rebuild with Luka Doncic

    The Atlanta Hawks have selected Luka Doncic , guard from Real Madrid (Spain), with the 3rd overall pick of the 2018 NBA Draft . In addition to flipping picks, the Mavericks will send the Hawks a future first-round pick that is protected in 2019.
    Supreme Court ruling shows travel ban isn't extreme

    Supreme Court ruling shows travel ban isn't extreme

    The current ban, announced in September, prohibits entry into the USA of most people from Iran, Libya, Somalia, Syria and Yemen. The court rejected a challenge that the ban discriminated against Muslims or exceeded Trump's authority.
  • Basketball: Free agent fireworks set to begin for NBA teams

    Basketball: Free agent fireworks set to begin for NBA teams

    Wojnarowski reported last week that the 26-year-old has a strong desire to play for the Lakers as he's a native of Los Angeles. A report surfaced late on Wednesday that the Lakers had re-engaged the Spurs in trade talks for Kawhi Leonard .
    Threats from US put new pressure on Iranian oil importers | AP business

    Threats from US put new pressure on Iranian oil importers | AP business

    In another sign of how unpredictable the oil market has become, Kazakhstan lost 240,000 bpd this week, due to an unknown cause. A major OPEC meeting on Friday resulted in an agreement to enhance production by up to 1 million barrels per day.
    Germany out of World Cup; Mexico advances despite loss against Sweden

    Germany out of World Cup; Mexico advances despite loss against Sweden

    Mexico fans celebrated in the stands when hearing that South Korea had scored against Germany . I was as shocked as everyone else to see them exit yesterday, losing 2-0 to South Korea .
  • Philadelphia 76ers: LeBron James in LA before free agency drawing early speculation

    Philadelphia 76ers: LeBron James in LA before free agency drawing early speculation

    Reports of other teams seeking and even being granted meetings with James' representatives only served to fuel those thoughts. Los Angeles also provides James with a larger platform for his business interests and social activism.
    Defending World Cup champ Germany eliminated by upset loss to South Korea

    Defending World Cup champ Germany eliminated by upset loss to South Korea

    GERMANY has been sensationally booted out of the World Cup before the knockout stage for the first time since 1938. We are just as disappointed as you! Germany became the next world champion, failed to defend the title.
    Trump Hits Heitkamp as High Court, 'Maxine' Become Midterm Issues

    Trump Hits Heitkamp as High Court, 'Maxine' Become Midterm Issues

    Trump, with his arms spread wide for what appeared a hugging embrace, quickly readjusted his arms right before embracing Cramer. President Donald Trump is trumpeting the primary loss of Democratic Rep.


Popular

Hosts Russia defeat powerhouse Spain in World Cup shootout
Mbappe became the first teenager to score twice in a World Cup match since a 17-year-old Pele in the 1958 final. Even that was a Artem Dzyuba penalty, which was awarded for Gerard Pique's rather clear and obvious handball...

Excessive and risky heat grips Plains, Midwest and Northeast
However, it will still be hot and humid, with highs in the middle to upper 80s along the coast, and lower to middle 90s elsewhere. We can also expect minor chances for showers and thunderstorms to pop up just about everyday this week.

Lance Stephenson to join Lakers after LeBron decision
While there had been dialogue between Paul and Altman since the season ended, James had not given the team any sense of his plans. Moving to L.A. will also help James expand his business interests and allow his children to attend high-profile schools.

Trump 'Probably' Won't Ask SCOTUS Nominees About Roe v. Wade
The poll was conducted before Supreme Court Justice Anthony Kennedy announced his retirement, the Kaiser Foundation said. One thing is certain as President Donald Trump surveys prospective Supreme Court nominees: Age matters.

With Fortnite Playground Issues Continuing, Epic Replaces Another Limited-Time Mode
The mysterious announcement is likely referring to the launch of a missile, which many fans theorise will change the game forever. One will be a 50v50 mode where one team controls the big Leviathan and has to escort him to Wailing Woods or Greasy Grove.

Uruguay vs Portugal | 30 Jun 2018
But Tabarez, in charge of his fourth World Cup campaign with Uruguay, insists it is pointless to deploy one man to stop Ronaldo . Ronaldo lifted Portugal to a 3-3 draw against Spain in their opening game , capping a hat-trick with a sensational free-kick.

Almost 600 People Arrested Protesting Trump Immigration Policies
Here's what you need to know about the Families Belong Together rallies. "It's going to work out great". Hundreds of women gathered in Washington , D.C. on Thursday to drive one message home: "We care ".

Serena Williams seeded 25th for Wimbledon despite ranking of 183
Caroline Wozniacki, John McEnroe and USTA president Katrina Adams have spoken out in support of Williams. Tennis Association says it does intend to seed Williams for the U.S.

US Supreme Court judge to retire
Most notably, he wrote the 2015 ruling on Obergefell v Hodges, which found that a ban on same-sex marriage was unconstitutional. Having voted on both sides of the ideological spectrum, Kennedy has always been considered the Court's "swing" justice.

Joe Jackson, father of Michael Jackson, dies at 89
Three days before he passed, someone running Joe's Twitter account wrote, "I have seen more sunsets than I have left to see". The band, featuring a 7-year-old Michael Jackson had four singles hit the top spot on Billboard's Hot 100 chart.