Oil rises on Libya force majeure, but demand slowdown holds back market

06 July, 2018, 04:38 | Author: Corey Lynch
  • Mr Trump said that he had a fondness for the European Union because his parents were born there

On May 9, Trump withdrew from the 2015 Iran nuclear deal, sending shockwaves through Iran's economy.

REUTERS/Jonathan ErnstSaudi Arabia's King Salman bin Abdulaziz Al Saud (L) receives US President Donald Trump for the Arab Islamic American Summit in Riyadh, Saudi Arabia May 21, 2017.

U.S. crude stockpiles rose 1.3 million barrels last week, according to data from the U.S. Energy Information Administration, against analysts' expectations of a 3.5 million-barrel decline.

Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.

"Your tweets have increased the prices by at least $10".

Hook declined to say if the kingdom can offer that additional supply, but the U.S. is "working to minimize disruptions to the global market", Hook said.

Based on OPEC's statement, we at FxWirePro calculated the amount to be somewhere between 500,000 barrels per day (bpd) to 600,000 bpd.




"Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.

Prior to Trump's public berating, Bill Richardson, the energy secretary during the second administration of Bill Clinton, phoned the Saudi oil minister in the middle of an OPEC meeting in 2000 asking for a production increase, enraging other members of the cartel and exacerbating a schism between Saudi Arabia and Iran. "They can likely produce a maximum of 11 million and even that will be running their system at stress levels", Head of global oil analytics for S&P Global Gary Ross said.

Saudi Arabia's cabinet on Tuesday endorsed the kingdom's readiness to pump more oil to maintain market balance and stability, the official Saudi Press Agency (SPA) said.

"US oil diplomacy has at points in the past been highly successful in calming oil markets, and it has generally been more successful the quieter it has been", the analysts wrote. That reality was not acknowledged this past when a different senior State Department official told reporters that the United States expected global imports of Iranian oil to go to zero by November 4, when Washington will reimpose sanctions against Tehran's energy sector. The two main importers of Iranian crude are China and India; both of whom import around 400,000 BPD now. He said he expects European countries to unveil a package of measures in the coming days created to keep the deal alive.

The announcement by Jahangiri came just a day after US President Donald Trump said that Saudi Arabia had agreed to increase its oil exports to make up the difference lost to the sanctions.

Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.

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