Friday, 16 November, 2018

Saudi says ready to pump more oil to balance market

Japanese Prime Minister Shinzo Abe left shakes hands with Iranian President Hassan Rouhani Saudi says ready to pump more oil to balance market
Russell Knight | 05 July, 2018, 14:27

When asked on the Fox News channel if sanctions would be imposed, Mr Trump responded: "Yes, of course".

The collective implied production ceiling for OPEC for this year is 32.78 million bpd, so even with the higher June production, the cartel's compliance rate is still above 100 percent-at 110 percent to be precise, down from 167 percent in May, the Reuters survey showed.

Iranian President Hassan Rouhani on Tuesday decried the USA plan as a "fantasy".

Saudi Arabia's King Salman promised Trump at the weekend that he would raise oil production if needed and that the country has 2 million barrels per day of spare capacity to boost output, the White House said.

This increase was needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump said, referring to U.S. plans to impose new sanctions on Iran and low oil production in the South American country.

These developments come as the Saudi economy, the largest in the Middle East, achieved positive growth in the Q1 of this year, at 1.2 percent, in actual translation of the feasibility of economic reforms that work on diversifying the economy and reducing dependence on oil.

Trump has been complaining about OPEC at the same time that Washington is piling pressure on its European allies to stop buying Iranian oil.

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Iran has called on the European countries to offer economic benefits to make up for the damage caused by new USA sanctions. There have already been calls from some Iranians for the children of the elite to be deported home.

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China has expressed concern about these threats.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran. Trump has withdrew from a 2015 multilateral nuclear deal signed by Iran and P5+1, five permanent members of UNSC plus Germany. Stockpile data from the U.S. Energy Information Administration is expected on Thursday after a delay due to the July 4 holiday. But using blackmail does not make sense, and some countries resent it. Turkey may lead an uprising against the U.S.

In recent days, Trump has tweeted several times about global oil markets, complaining that prices are now too high, and insisting that major producers within OPEC increase production in order to bring those prices down. Higher prices could well bring on a recession in the U.S., which would damage GOP chances in the upcoming elections this fall for the U.S. Congress.

Saudi Arabia is back in control of the oil market again.

Riyadh has agreed with Donald Trump's request to increase oil production.

The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States. The Kingdom filled the gap created by the decline in United States oil production; the 1978-80 gaps created by the Iranian revolution; and the 1990-1 gaps opened up by the Iraq-Kuwait war.

On top of global supply disruptions, rising demand is also helping push up prices.

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