Saudi Arabia not confirming Trump's 2M barrels

Anna Jefferson
July 3, 2018

When news broke, the OPEC governor of Iran Hossein Kazimpour Ardebili said that increasing oil production so drastically above the quota assigned by OPEC is tantamount to leaving the organization altogether.

"I am comfortable that Saudi Arabia is going to be able to increase their production to".

However, the agency did not say anything about an output rise as claimed by the president. However, the decision to utilize that excess capacity is not KSA's alone.

"We will be in uncharted territory", Amrita Sen, chief oil analyst at Energy Aspects Ltd.in London, said.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers, calling it a "defective" agreement. And Venezuela's oil output was around 540,000 bpd below its target level in May.

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The U.S. State Department said on Tuesday that Washington would take a hardline towards countries importing Iranian oil. Hence, Opec and other non-Opec countries could potentially plug any gap.

Trump's recent bid from its allies will certainly cripple Iran's oil industry.

In addition, mid-term elections are due in the USA in November.

Saudi Arabia has the capacity to pump a maximum of 12.04 million barrels a day, according to the International Energy Agency. "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said.

Kuwait planned to raise oil output by 85,000 barrels per day starting on Sunday, part of an agreement between OPEC and non-OPEC producers to increase production by one million bpd, its Energy Minister Bakhit al-Rashidi said on Saturday.

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This comes barely days after the United States has asked countries to cut all oil imports from Iran by the start of November or else face powerful USA sanctions.

"A number of other geopolitical risks weigh on the global outlook, and these are likely to have a larger impact on prices than in previous years, when oil stocks were comfortable", Cailin Birch, an analyst at the Economist Intelligence Unit, told Reuters.

OPEC Conference President Saudi Arabia's Energy Minister Khaled al-Falih (2ndR), OPEC Sec.

Oil prices rose on Friday on concern that USA sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. Brent crude stood at $79.42 a barrel, while USA benchmark crude was at $74.15.

The Russian-Saudi-led deal for Russia and OPEC to cut production in 2017, which was extended for 2018, was seen as one of the main cause of the price spike. "Triple-digit oil prices are not off the table".

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Iran's position in the oil market is looking weaker than ever as a bruising Opec meeting and tightening net of United States sanctions leave it with fewer friends and fleeing customers.

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