Saudi says ready to pump more oil to balance market

Iran announces plan to circumvent US oil sanctions

Iran announces plan to circumvent US oil sanctions

US President Donald Trump sent a message on Twitter that he asked Saudi Arabia to increase oil output by 2 million barrels because "prices to (sic) high".

Overall, however, analysts said OPEC's production policy as well as unplanned supply disruptions were now the main price drivers.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude oil sales", Hook said.

On Monday, Brent oil prices were around 1 percent lower but not far from $79 per barrel as analysts have warned of thin global spare capacity to offset potential supply disruptions.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by 4 November.

An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions.


The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new USA shale production comes on stream.

Oil prices rose strongly last week, with the United States crude contract hitting its highest in 3-1/2 years at $74.46.

Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

The vice president also noted that the "vulnerable" social layers should be helped after re-imposition of sanctions. "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong". Off-topic, inappropriate or insulting comments will be removed.

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