Algeria warns Saudi Arabia, Russia against increasing oil output

03 July, 2018, 02:10 | Author: Natasha Holloway
  • A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

Officials say they are determined to keep the oil flowing.

Information provider Genscape said USA crude inventories at Cushing had fallen in the week, traders said.

But a flurry of USA announcements over the weekend unsettled oil markets.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran. "How this really is going to play out seems to be up in the air".

The leader of Saudi Arabia promised U.S. President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.

On Fox, Trump directed blame at the Organization of Petroleum Exporting Countries, of which Saudi Arabia is a member. The 12 OPEC members with supply reduction targets increased output by 680,000 bpd compared to May.

"A fall in the price per barrel won't serve the interests of the big oil producers", Kaddour stressed.

Sanju leaked online day before worldwide release
Ranbir is accompanied by many fine actors, Paresh Rawal, Manisha Koirala, Anushka Sharma, Dia Mirza among others. Both the actors were playing their respective characters, Anushka being a biographer and Ranbir playing Sanju .

Asia's main economic hubs of China, Japan and South Korea reported a slowdown in export orders in June amid escalating trade disputes with the United States.

The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 percent, "before accounting for tighter financial conditions and sentiment shocks".

Iran possesses the second-largest gas reserves on the planet, after Russian Federation, and the fourth-largest oil supplies, while Saudi Arabia is the world's biggest oil exporter.

The State Department has not released the itinerary of the visit but the delegation is expected to make stops in Riyadh and Abu Dhabi before heading to Europe in a bid to to prepare the groundwork with Gulf and transatlantic allies for reimposing sanctions on Iran.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market", Jahangiri added.

In a briefing with reporters, that official said Washington probably would not grant waivers from secondary sanctions against foreign companies that continue to do business with Iran.

"The Iranian government has a plan".

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