Published: Fri, July 06, 2018
Finance | By Jaime Brady

Saudi Arabia Agrees To Pump More Oil to Maintain Balance

Saudi Arabia Agrees To Pump More Oil to Maintain Balance

He has tweeted about the Organization of Petroleum Exporting Countries at least 63 times since 2011, repeatedly saying the group is "ripping us off" and that crude should cost no more than $25 a barrel.

In the day ahead, trading activity is expected to be limited by the US Independence Day holiday and hence, attention turns towards the EIA weekly crude supplies data due to be reported tomorrow for fresh direction.

Iran's OPEC governor Hossein Kazempour Ardebili told Bloomberg that such an agreement would mean Trump was calling on the Saudis to ignore their commitment to OPEC.

U.S. sanctions on Iran are being reimposed following Donald Trump's withdrawal from the 2015 nuclear deal between Iran and six world powers back in May.

That's an increase of about 55 cents from the same period past year, according to AAA.

The UAE's main producer Abu Dhabi National Oil Company said in a statement it had the ability to increase oil production by several hundred thousand barrels per day if required and remained on track to reach 3.5 million bpd by year-end from current levels of 3.3 million bpd.

The decision comes in the wake of rising price of oil in the worldwide market due to supply issues from Iran. President Trump has always been critical of OPEC and rising oil prices, and the agreement from Saudi Arabia has a broad impact on global oil supply while other nations, like Venezuela, cope with falling production. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.

Saudi Arabia now produces some 10 million barrels of crude oil each day.

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Russian output rose to 11.06 million bpd in June from 10.97 million bpd in May, the Energy Ministry said on Monday.

According to Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia produces approximately 10 million barrels of crude per day.

Hook declined to say if the kingdom can offer that additional supply, but the U.S. is "working to minimize disruptions to the global market", Hook said.

“There seems to be great uncertainty about how much oil will be added to the supply side of the market, ” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut, referring to how much Saudi Arabia's spare capacity will be able to offset shortages around the world.

Secondly, a higher production by Saudi Arabia not necessarily would translate into higher global production since it is already declining in Libya, Nigeria, and Venezuela amid expectations that exports from Iran would decline, once the sanctions set in.

Oil held near US$74 a barrel amid estimates that U.S crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight.

China, India, Japan, and South Korea are the top customers of Iranian crude. Turkey stood at 9 percent and Italy at 7 percent.

But the United States official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.

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