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Trump's tweets hurt oil prices more than help, says StanChart
06 July 2018, 04:38 | Austin Hogan
Mr Trump said that he had a fondness for the European Union because his parents were born there
SAUL LOEB AFP Getty Images
Iran's First Vice President Eshaq Jahangiri on Sunday warned its rival OPEC producer Saudi Arabia it would never take Tehran's "place" on the global oil market.
"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.
Trump said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.
On Sunday, Iran's Vice President Eshaq Jahangiri said that the country was considering oil exports by the private sector in a bid to thwart United States sanctions.
USA crude futures were also down 25 cents at $73.89, not far from Tuesday's 3-1/2-year high above $75. Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and USA refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte.
President Rouhani also reaffirmed his country's stance on Iran nuclear deal known as JCPOA after United States withdrawal, saying that Tehran would stay in the deal as long as its interests are preserved.
"The Trump Administration's plan for Iran sanctions is now abundantly clear".
He said in the Fox interview that European companies would face sanctions if they traded with Iran now.
Brazil ready for a strong Belgium
The statement was published hours after the Brazil-Mexico match, Monday. "It's very hard to come back the way he's done". Brazil are five-time winners of the World Cup , but have not triumphed in the competition since 2002.
"Yes, of course. That's what we're doing".
An Iranian Revolutionary Guards commander, meanwhile, said on Wednesday that Tehran might block oil shipments through the Strait of Hormuz, a major route for transporting crude in the Gulf.
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".
The administration has threatened close allies such as South Korea with sanctions if they don't cut off Iranian imports by early November.
U.S. officials from the Treasury Department and State Department have been taking what Hook referred to as travelling "road shows" to explain the policy to their counterparts around the world over the past few weeks, ahead of August 4, when the first sanctions will be reimposed on automotive, gold, and key metals. "But as with our other sanctions, we are not looking to grant waivers or licenses".
While the Saudis are likely to increase production of lighter, sweeter export grades, the country also has to consider the impact of bringing too much oil too soon, which could put a strain on its own output.
Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.
"Saudi Arabian supply increases are largely compensating for production losses and instability in key producer countries", said John Driscoll, chief strategist at JTD Energy Services Pte, who has spent more than 30 years in the oil trading industry in Singapore.
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