Saudi Arabia pledged to expand oil capacity if needed…

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Here's why they won't.

While the White House later backed away from an agreement, the tweet came after oil and gasoline prices surged last week even after Saudi Arabia convinced OPEC to potentially add almost 1 million barrels a day to the market.

Last month, Tadawul won Morgan Stanley Capital International (MSCI) emerging market (EM) status, the global index compiler said in its annual review for 2018.

In June, OPEC and Russian Federation struck a deal to make modest increases in crude oil production, though it is unclear precisely how much the increase will amount to.

Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets.

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Saudi Arabia's spare production capacity is estimated to be around 2 million barrels per day. America, not Saudi Arabia, is the world's largest oil producer. That would translate into overall production of around 12 mb/d, which is probably unrealistic for a few reasons.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya. Probably, but there is not a lot of historical evidence to go on. "Likely, Trump will push on other Persian Gulf states, such as the UAE and Kuwait, for more than 100,000 barrels to stay below $80", Atwan said.

Saudi Arabia stocks were lower after the close on Monday as losses in the Multi-Investment, Cement and Petrochemicals sectors led shares lower.

Crude soared above $75 a barrel in NY for the first time since 2014 on signs global supply outages outweigh OPEC's pledged production rise.

Kazempour Ardebili said Trump was trying to intensify tensions between Iran and Saudi Arabia and he called on the United States to join world powers in a meeting with Iran in Vienna on Friday.

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"The Cabinet. affirmed the Kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates in coordination with other producing countries", read a statement released by the Saudi Press Agency. "If anything happens in addition, it might be fairly hard to supply the market". But only a few European and Asian countries have adhered to it, and most have opposed them, particularly China, India and Russian Federation. And OPEC could struggle to meet the emerging supply gap, which seems to grow worse with each passing day.

There's an ongoing conflict in Libya, which has shut down major ports. The outage is expected to last through July. And Trump himself could be responsible for disrupting around 1 mb/d - or more - of Iranian supply.

"They're targeting zero exports out of Iran", Smith says. And who is their big enemy?

China's customs agency said on its website that Chinese tariffs on USA goods would immediately be implemented in retaliation.

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