Trump mounts pressure on Opec to increase supply as oil prices climb

Posted July 06, 2018

Although the European signatories to the Iran deal - Britain, France and Germany - lobbied hard for Trump to stay in the accord, their companies are likely to acquiesce to the renewed sanctions.

Saudi Arabia said it would "use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in coordination with other producing countries", according to a report by the Saudi Press Agency.

President Donald Trump's sustained bid to disrupt Iran's petroleum exports could soon help to push oil prices above $90 a barrel, analysts told CNBC on Thursday.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

Oil held near three-year highs on US Independence Day as tight supplies at home and overseas overshadow a Saudi pledge to boost output.

"The Trump support base is probably the part of the US electorate that will be the most sensitive to an increase in USA gasoline prices", Halff said.

"As far as the geopolitical posturing via twitter or official statements, I think the market is taking them in stride for now", Tchilinguirian said.

He was not specific on whether the additional two million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd.

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"The Iranian government has a plan".

He addressed Trump by saying that the global oil market now does not have sufficient amount of oil to supply USA, adding "you are putting pressure on those OPEC member states that you claim to be your allies". "It all kicked off at the weekend with Trump claiming the Saudis had agreed to an extra 2m barrels a day which is physically impossible, they just can't do that", he said.

Reid said that he expected oil to stay around its current price, with a possible increase to $80 a barrel.

Immediately after the moot, the US Energy Secretary Rick Perry emphasised that the deal between global oil producers to boost crude output was not enough to relieve global oil markets that are stressed by supply constraints.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy, U.S. bank JP Morgan said in a note". He said he expects European countries to unveil a package of measures in the coming days created to keep the deal alive.

President Trump has been demanding that the United States' closest ally in the Middle East, Saudi Arabia pump up more crude oil to ease pressure on rising price.

'There is no way one country could go 2 million barrels a day above their production allocation unless they are walking out of OPEC, ' he said.

Some major importers of Iranian crude have sent mixed signals on their willingness to abide U.S. sanctions, particularly as inventories remain low.