India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

03 July, 2018, 11:38 | Author: Regina Lloyd
  • Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

U.S. West Texas Intermediate crude for August delivery was down 65 cents, or 0.9 percent, at $73.50 a barrel by 2250 GMT, after rising more than 8 percent last week.

The drop is in contrast to the strong growth in oil prices seen last week as prices started to nudge close to $80 per barrel.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday.

President TrumpDonald John TrumpScaramucci warns Trump must "change tactics now" on trade Trump sought to purchase historic Scottish building for hotel: report Republican wins right to replace Farenthold in Congress MORE said Sunday that the USA will "absolutely" sanction European companies that do business with Iran.

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market. An increase in global production would typically be expected to ease prices.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.




Despite Monday's drop in oil prices, many analysts see oil prices likely to resume their upward climb, given a range of geopolitical factors.

Libya's National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports.

"The situation is changing every day", Singh said.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude-oil sales", Brian Hook, the State Department's director of policy planning, said at a briefing.

"We buy high sulfur crude from Iran". "Prices to high! He has agreed!"

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close USA allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

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