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Iranian oil minister call Trump’s order to OPEC…

11 July 2018, 03:55 | Joann Bryant

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

As India mulls to cease oil imports from Iran and rather import crude oil from Saudi Arabia and the US, Iran has issued stringent warnings to India.

The figures were contained in a communication from the kingdom to the Organization of the Petroleum Exporting Countries ("Saudi Arabia raised oil output by around 500,000 bpd in June", Reuters, July 5).

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.

Zanganeh said Trump's anti-OPEC remarks are the causes of the increase in the prices in the oil market over the past days.

USA gasoline prices are at a four-year-high this year as a result of the higher price of crude. Find us on Facebook too!




"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated", said Virendra Chauhan, an analyst at Energy Aspects in Singapore.

He added that 1.2 million Iranian barrels a day were off the market the last time Iran was sanctioned, but that was possible because US shale drilling was growing at a rapid pace, demand was lower and Libyan output had come back to the market to make up for some of the Iranian output.

"Questions are being asked as to the extent to which Saudi Arabia will increase its production, to offset shortfalls elsewhere in the market", the analysts said in a report sent to Rigzone. And some of its major European allies have been working to prevent the 2015 deal from falling apart.

MUFG Bank, a leading Japanese bank, said renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the United States, raises the likelihood of oil trade interruptions and with it upside risks to oil prices in the near term.

The purchase was partly to compensate for a decline in Venezuelan heavy grade Merey, said one of the officials. OPEC is seeking a balance between supply and demand, not targeting a crude price, he said.

The South Korean embassy said in a message on Twitter that "the embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July".

South Korea halted all Iranian oil shipments in July for the first time in six years amid United States pressure.



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