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giftedviz.com July 23, 2018


Trump asks Saudi Arabia to increase oil production

03 July 2018, 12:29 | Austin Hogan

Jason Redmond Reuters

American crude price jumps to four-year high on massive US inventory draw

The International Energy Agency, the Paris-based group that represents consumer countries, recently estimated what it called "short order supply" from the Middle East, including Saudi Arabia, at 1.14 million barrels a day.

"This is just simply not doable", said one senior Saudi oil official cited by the Journal.

In a tweet on Saturday, Trump said King Salman bin Abdulaziz Al Saud had agreed to his request to boost production by "maybe up to 2,000,000 barrels".

US President Donald Trump says Saudi Arabia has agreed to his request for an increase in its oil production. "He has agreed!" the tweet read.

Later on Saturday, the official Saudi Press Agency (SPA) said King Salman had spoken to Trump on the need to maintain oil market stability and global economic growth, but gave no further details about an output rise.

On June 26, a senior State Department official said the United States wants to stop all exports of Iranian oil from November and is unlikely to offer any exemptions as it did during previous sanctions.

That decision is taken jointly by the Organization of the Petroleum Exporting Countries (OPEC), and not at the behest of the American President.

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

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OPEC and Russian Federation have said they will raise output to meet demand and replace crude from unplanned disruptions but many analysts think the extra supply may be inadequate.

"If this happens, (it) means Trump is asking Saudi Arabia to walk (away) from OPEC", he told Reuters.

"Iran is in a really disgusting position right now", said Sara Vakhshouri, head of Washington, DC-based consultant SVB Energy International. Producing at 11 mb/d will help offset the outages in Libya, Venezuela, Nigeria, Canada and Iran, but it might not be enough.

The ministers announced they would ramp up oil production by around one million barrels a day from July. Supply disruptions owing to geopolitical tensions, record global demand and positive outlook from analysts and investment banks aided positive momentum in the oil market.

The administration has threatened close allies such as South Korea with sanctions if they don't cut off Iranian imports by early November.

Nayara Energy was previously the biggest buyer of Iranian oil in India, and its withdrawal might influence smaller oil companies in the country. Turkey stood at 9 percent and Italy at 7 percent.

But the industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the U.S. financial system.

Meanwhile, Leader of Iran's Islamic Revolution Ayatollah Seyyed Ali Khamenei slammed all-out United States economic and political measures against Tehran in a Saturday address, describing them as futile efforts to turn Iranians against the Islamic Republic.



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