United States looks for support on Iran crude embargo
05 July, 2018, 14:28 | Author: Eric Barnett
Analysts differ on how much spare capacity Saudi Arabia can bring to the market to offset the tightening of the market, but some say the kingdom could increase exports by destocking while it prepares to increase its production capacity.
He saidoil sector contracted by 1.6 per cent a year ago mainly because of the Opec mandate that saw the UAE cut its oil production by 150,000 barrels per day from an average of 3.09mbpd in Q4 2016 to an average of 2.89m in Q4 2017, representing a drop of almost 6.4 per cent. "So, in terms of the USA, here, we've seen oil prices rise in the aftermath of the OPEC meeting".
The Trump administration is softening its earlier demand that countries like China, India and Turkey end all imports of Iranian oil by November 4, as a top State Department official on Monday said the United States would allow reduced oil flows, in certain cases. There were apprehensions that any disruption or short supply could affect the world economic growth with serious consequences for developing countries.
USA markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.
Oil held near three-year highs on US Independence Day as tight supplies at home and overseas overshadow a Saudi pledge to boost output. Hopefully, the decision would help stabilize the oil prices and contribute towards mitigating woes of billions of people worldwide.
"Saudi Arabia's readiness to utilize its spare production capacity which is estimated at 2 million barrels could spell trouble for oil bulls down the road", Lukman Otunuga, research analyst at FXTM, told Arab News.
Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce moreoil.
"We want to defeat America's efforts ... to stop Iran's oil exports", he said.
He said, "The US [officials'] statement in this regard is unilateralism...and a breach of all worldwide rules and regulations in energy and trade sectors".
Trump's tweets have increased oil prices by $10.
The Cabinet commended constructive cooperation between producing countries from inside and outside Opec. South Korea accounted for 14 percent of Iran's oil exports previous year, according to the U.S. Energy Department. In May, the level reached 150%, that is, the deal participants cut production by 2.8 mln barrels per day instead of 1.8 mln barrels, as stipulated in the agreement.
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