When President Trump Tweeted last week that Saudi Arabia agreed to begin pumping additional oil to make up for the removal of Iran from the global markets, the Saudis very quickly corrected him, saying that while they could increase capacity if needed, no promise to do so had been made. "But these do not include the US, China, Europe, Japan."Rising oil prices have stabilised Saudi Arabia's foreign exchange reserves, they added, after a $US250 billion drop in the last three years".
Trump recently said that Saudi Arabia had agreed to increase oil production by up to 2 million barrels per day (bpd) to moderate high prices.
According to the top official, the order issued by the United States leader is "a great insult to [OPEC] governments and nations, and destabilizes the market". Iran also accused Trump of being the reason for the surge in oil prices through his sanctions on Venezuela and Iran, both members of OPEC.
Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday. Find us on Facebook too! He said that Iran has helped India significantly on strategic issues like energy and connectivity yet India has not kept up its promises of investment in the Chahbar port.
Oil futures are trading near three-year highs as disruptions in Canada and Libya, along with slumping production in Venezuela and a United States call for allies to stop buying from Iran, have overshadowed a pledge by OPEC and allies to add 1 million barrels a day. And some of its major European allies have been working to prevent the 2015 deal from falling apart.
On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.
The move by South Korea, one of Iran's main customers in Asia along with China and Japan, comes as it is in talks to seek an exemption from U.S. curbs on buying Iranian oil, in line with a waiver it received during previous sanctions, Reuters reported.
"Iran's oil will not lose its customers because a lot of companies are buying oil from the country", said Moayyed Hosseini Sadr, the ministry advisor.
Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day.
"There will remain no such organization (as OPEC) in the future after continuation of the sanctions" against Iran, he was quoted as saying. "South Korea overall is lifting zero oil (from Iran) for July loading".
The South Korean embassy said in a message on Twitter that "the embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July".