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Saudis will pump up oil production, says Trump

03 July, 2018, 02:32 | Author: Sara Gill
  • American crude price jumps to four-year high on massive US inventory draw

Tehran is getting hit from all sides.

"We look at this as an opportunity for the OPEC members to fill this gap, if you will", Perry said at a press conference at the World Gas Conference in Washington.

India's oil ministry held a meeting with refiners on Thursday (June 28), urging them to scout for alternatives to Iranian oil, the sources said.

"Iran is in a really awful position right now", said Sara Vakhshouri, head of Washington, DC-based consultant SVB Energy International.

That raises the odds of a much more serious outage from Iran than previously expected.

Opec producers led by Saudi Arabia agreed with Russian Federation and other oil producers on June 22 to raise output by about 1 million bpd to offset declines from Iran and almost bankrupt Venezuela. Among its disclosures are what it says has been its expenditure, along with its project partners, of more than US$24 million with more than 300 local suppliers a year ago. "The Opec communique was vague and the message was supplanted by the Saudis and Russians".

Helping driving prices higher is President Trump and his administration who has been warning countries no to go on using crude from Iran (China will ignore than).

"Buying oil from Iran stands tall among other options".

Bloomberg reported that Iran's OPEC governor Hossein Kazempour Ardebili said in an interview on Wednesday: "Korea, China, Japan have already expressed they can not go for zero".

This is one of Trump's plans to pressure the US' allies into cutting off funding to Iran. "So I would expect that there are some accommodations made for transition times". Imports of Iranian crude oil by major buyers in Asia rose in May to the highest in eight months.

"There is also some analysis from energy sector experts who say that Saudi Arabia could perhaps increase its daily output but it would only be for a very short time and the quality of the oil produced would be very low amd very hard to refine". The company has started to pull out of the South Pars 11 natural gas project, the largest investment by an global energy company in the country.

The sanctions implemented by the USA on Iran's oil industry will come into effect after a 180-day grace period that will end on November 4 this year.

Iranian Foreign Minister Mohammad Javad Zarif said this week Europe has guaranteed that Tehran will be able to sell its crude.

Other Indian companies have yet to announce whether or not they are reducing their imports, and Iranian oil manufacturers might be waiting for any developments coming from the country.

In North America, an outage at Canada's Syncrude has locked in more than 300,000 bpd of production, and operator Suncor Energy (SU.TO) said it will probably last at least through July. Zanganeh said Iran is working on methods to skirt the sanctions so it can keep exporting, without giving any details. "Our arrangements were never meant to remain in force forever", he said. Given that actual production has fallen by more than the targeted amount by a factor of 152 percent, the conference has decided that “countries will strive to adhere to the overall conformity level down to 100 percent, as of July 18” for the remaining duration of the original agreement, the statement says.


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