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07 October 2018, 05:11 | Kelvin Horton
The Trump administration's sanctions on Iran kick in on November 4th, after which any countries purchasing oil from Iran could be subject to sanctions as well.
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"Mr. Trump has said OPEC is responsible for rising oil prices and has to raise production, but one must say that OPEC is not responsible, but the Trump himself is responsible for the rise", Zangeneh added. Bolton also said that the United States will not stop with the resumption of sanctions that existed before 2015. "You have to pay for your military, you have to pay'". "Iranian crude oil has been sold at a lower price than other crude oil to expand its market share after the US sanctions on Iran", said an official of the oil refinery industry.
They pointed to a Reuters report this week that Saudi Arabia and Russian Federation agreed in a private deal to expand oil production . Riyadh has worked to cultivate warm relations with the U.S. President after having rocky moments with former President Barack Obama.
Saudi Arabia welcomed Trump for his first overseas trip as president.
Saudi Arabian Crown Prince Mohammed bin Salman insisted the kingdom is fulfilling promises to make up for lost Iranian crude supplies, Bloomberg reported.
Brent crude oil futures were at $84.86 a barrel at 3.40am GMT, up 6c from their last close. Originally, the plan had apparently been to officially announce a production increase of 500,000 barrels per day, but this met with opposition from a number of countries, including Iran.
In the meantime, Korea's imports of Iranian crude oil remained at 58.2 million barrels, down 42 percent over the same period. Its record is 10.72 million barrels a day.
In addition, USA crude oil's increased price competitiveness contributed to the increase in Korea's imports of US crude oil. The average price for a gallon of regular gasoline in the U.S.is $2.88, up from $2.55 a year ago, according to AAA.
There is a risk that oil prices could hit $100 a barrel soon because a lot of uncertainties now exist in a very nervous and emotional market, Russia's Energy Minister Alexander Novak told Russian radio station Business FM in an interview on Thursday.
"OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don't like it".
"Current levels may be a little bit high", Novak said, commenting on the current price of oil.
Oil prices tend to overshoot on the upside (2008 and 2011) just as they have done on the downside (1998, 2009 and 2016) before correcting.
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