Oil jumps as market anticipates US sanctions on Iran

30 Juin, 2018, 20:11 | Auteur: Auguste Feret

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction (sic) in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference".

"I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels", Mr. Trump said in a tweet, citing a phone call with Saudi King Salman.

Vienna-based consultancy JBC Energy said the stronger the implementation and enforcement of US sanctions, the higher the oil price will go.

Saudi Arabia, meanwhile, is planning to pump as much as 11 million barrels per day (bpd) of oil this month, about 1 million more than it is producing now, an industry source told Reuters this week.

Saudi Arabia now produces some 10 million barrels of crude oil a day. Officials didn't immediately respond to a request for comment. "If they do, it means the State Department is running OPEC".

It added that there also was an understanding that oil-producing countries would need "to compensate for any potential shortage of supplies".

Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the us pulling out of the nuclear deal between Tehran and world powers.

"This is a situation where United States shale oil production itself has dropped in the past few months and that drop in the inventory has pushed oil prices up", Jordan said.

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"Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement", Rashidi told Arabic-language daily Al-Rai.

The ministers announced they would ramp up oil production by around one million barrels a day from July.

Speaking after three days of protests, Supreme leader Ayatollah Ali Khamenei said the US sanctions were aimed at turning Iranians against their government.

Major buyers of Iranian oil, including Japan, India and South Korea, have indicated they may stop importing Iranian crude if US sanctions are imposed. The 13% surge in prices has been driven by a series of factors in the worldwide oil market that will trickle down to USA drivers filling up their gas tanks.

The administration has threatened close allies such as South Korea with sanctions if they do not cut off Iranian imports by early November. The State Department is now insisting that other countries stop importing Iranian oil - or face sanctions from Washington.

The State Department has said it expects the "vast majority" of countries will comply with the USA request.

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