ibusinesslines.com September 20, 2018

Saudi cabinet says ready to use spare oil capacity as needed

04 July 2018, 06:31 | Kelvin Horton

Trump blasts Europe for 'unfair' trade policies in Fox News interview as he says his parents were born in the EU

Iran announces plan to circumvent US oil sanctions

U.S. markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

Iran says it will find ways to export its oil, despite what he does.

Late last week, Iran's Oil Minister Bijan Zangeneh urged the Organization of Petroleum Exporting Countries (OPEC) to prevent some of its members from increasing output without arriving at a consensus. It comes as Mr. Trump pulled the US out of Tehran's nuclear deal with world powers in May.

Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said. That's led to higher prices at gasoline pumps in the U.S.as it heads toward midterm elections for Congress.

This is while world oil prices have climbed higher as the Trump administration has pressured United States allies to end all purchases of oil from Iran.

Asked whether someone was manipulating oil markets, Trump said: "100 percent".

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

Saudi Arabia's spare production capacity is estimated to be around 2 million barrels per day.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past.

"Investors should keep in mind that USA shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities".

Mr Trump took another swing at his European allies saying they dealt unfairly with the United States over trade.

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