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Saudi Arabia raised oil output by around 500,000 bpd in June

09 July, 2018, 06:45 | Author: Kristi Dunn
  • Global outages overshadow underwhelming OPEC output hike

The President has been putting Saudi Arabia under pressure specifically to lower the cost of oil, as the USA now imposes sanctions to its main economic rival Iran.

U.S. President Donald Trump again accuses the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday. "This must be a two way street, REDUCE PRICING NOW!" Data released Thursday by the US Department of Energy showed stockpiles unexpectedly higher: up by 1.25 million barrels in the week to June 29 rather than the 3.54 million fall expected by analysts. But oil experts say that OPEC is already close to its maximum capacity.

"[It] would be a kind of self-harm for the United States as it would lead to dramatic price hikes in the oil market", Ardebili said, adding that "American consumers" will likely pay higher prices at the pump due to "Trump's unilateralism".

The world's biggest crude exporter is preparing to ramp up oil production, possibly by as much as two million barrels per day, amid U.S. sanctions on Iran.

Recent price rises have also been spurred by a USA announcement that it plans to re-introduce sanctions against Iran from November, targeting oil exports.

Oil extended losses after state-owned Saudi Arabian Oil Co cut most pricing for Asian, European and USA markets.

However, oil prices have shot up and Trump, anxious about the impact on United States voters ahead of November midterm elections, is appealing to the Saudis for help.

Saudi Arabia's King Salman bin Abdulaziz Al Saud (L) receives US President Donald Trump for the Arab Islamic American Summit in Riyadh, Saudi Arabia May 21, 2017.

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Involuntary drops in supply in Venezuela, Angola and Libya have made the cutbacks even bigger, although Opechas now started to ease those curbs with Saudi Arabia pumping more.

Trump's pressure on OPEC comes just as key oil exporters were boosting output, which has been curtailed since 2016 to boost prices.

Iran's representative to OPEC, Hossein Kazempour Ardebili, told Reuters that Trump was responsible. "Please stop it", Kazempour said.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the USA decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

In April, Iran's oil minister Bijan Zangeneh said that $60 a barrel is a good price for oil.

Later speaking to Reuters, the Iranian declared that oil prices will rise to Dollars 100, and it will all be Trump's "fault". And that realization has helped drive up prices over the past two weeks as countries and traders worry about the security of future supplies.

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