US President Donald Trump says Saudi Arabia has agreed to his request for an increase in its oil production. It was only a few days ago that Saudi Arabia and its coalition partners said that they would add 1 mb/d of supply back onto the market, with many of them acknowledging that, in reality, the figures would be closer to 600,000 bpd because of the inability of so many producers to ratchet up output.
'Saudi Arabia obviously can deliver as much as the market would need, but we're going to be respectful of the 1-million-barrel cap - and at the same time be respectful of allocating some of that to countries that deliver it, ' al-Falih said on Mpnday, prior to Trump's tweet. The Trump administration indicated that the White House would look to sanction countries that don't reduce their imports of Iranian crude to "zero" by November. 4.
These three countries have around 2.75 million bpd of spare capacity, accounting for around 85 per cent of the Opec's total, according to International Energy Agency estimates.
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The unprecedented supply-cut pact has lifted crude prices from below $30 a barrel in early 2016 to around $70.
"Prices too high! He has agreed!"
A JXTG spokesman would not comment on individual deals but said: "U.S. crude is one of the candidates for replacing Iran oil".
Helping driving prices higher is President Trump and his administration who has been warning countries no to go on using crude from Iran (China will ignore than).
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The tension began rising when Trump withdrew the USA from the nuclear deal between Iran and six other world powers last May. It did not mention the two million barrel increase. Average prices for unleaded gas, including taxes, averaged $2.83 a gallon for the week ending June 25 - up about 55 cents over the same period a year ago. If we assume a modest further decline in Venezuela's production and add Iran's likely loss of oil exports, then about one million bpd of additional oil would be needed to fill the gap.
"They bring to bear economic pressure to separate the nation from the system. but six US presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website Khamenei.ir, referring to Trump.
Trump has repeatedly lashed out at OPEC on Twitter in recent months, piling pressure on Riyadh, a major ally, to boost output as he hopes for lower pump prices before midterm congressional elections in November.
The media outlet also reported that Swiss lender Banque de Commerce et de Placements told its clients it would stop financing Iranian oil cargoes by the end of June.
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Cosmo Energy Holdings is also lifting 2 million barrels of US oil between April and July, according to shipping data and a source familiar with the matter. Turkey stood at 9 percent and Italy at 7 percent.