Oil falls as Saudi, Russian output rises

The statement said the kingdom will coordinate with other producers.

"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.

"He has agreed", Trump tweeted on June 30.

US crude stockpiles are forecast to have declined 5 million barrels last week, according to a Bloomberg survey ahead of government data released on Thursday.

Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil".

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. "So in the options market, the volatility gets bid up", he told the Reuters Global Oil Forum.

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming US sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion". Tehran, however, vowed on Sunday to foil any United States bid to block its oil exports.

USA markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.

King Salman briefed the cabinet on the telephone call he had received from President Donald Trump during which the two leaders confirmed the need to exert efforts to maintain the stability of oil markets and the growth of the world economy.

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"We will surely do something to thwart the U.S. rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

Some key countries are reliant on Iranian oil imports, including India and Turkey.

The debate at this time is how to compensate for disruptions in Libya, Venezuela and Iran.

This most recent Twitter post also made it look like U.S. policy is reliant on Saudi Arabia's spare capacity to fill global supply gaps, the analysts wrote.

She warned that the handling of any economic or oil crisis will "require diplomacy, delicate partnerships and technical knowledge".

Crude oil prices fell on Monday after Saudi Arabia said it could tap into its 2 million barrels per day in spare capacity to help address a pending market deficit.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya. That's what we're doing.

"Also, taking a broad range of estimates from IEA, EIA and others, Saudi held spare capacity in the range of 1.3 - 2.1 mb/d when oil production was ~10 mb/d".

  • Darren Santiago