Published: Wed, July 04, 2018
Markets | By Noel Gibbs

Saudi says ready to pump more oil to balance market

Saudi says ready to pump more oil to balance market

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said.

Late last week, Iran's Oil Minister Bijan Zangeneh urged the Organization of Petroleum Exporting Countries (OPEC) to prevent some of its members from increasing output without arriving at a consensus. The official spoke on the condition of anonymity under State Department ground rules.

"On China, India - yes, certainly".

USA officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement.

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Federal Government has also said that it needed oil to sell at $138 per barrel to be able to balance its budget as it also projected N1.95 trillion deficit in the budget.

Saudi Arabia's announcement on Tuesday comes just over a week since OPEC and non-OPEC producers including Russian Federation agreed to increase production by 1 million barrels per day from the start of this month.

The day had started brightly with the price of US West Texas Intermediate crude stating to $75.27 - the highest it has been since November 2014.

"Prices too high! He has agreed!", Trump added.

Norway-based Rystad Energy expects Iranian production to drop by 700,000 bpd by December 2018. This will include allowing private companies to directly export the oil. Prices have also increased due to the persisting US-backed troubles in Venezuela, as well as with the unrest in Libya over control of that country's oil infrastructure.

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Inventories at Cushing fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg. Analyst expectations were for a draw of 1 million barrels.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new USA shale production comes on stream.

The development came days after the oil-rich Persian Gulf state, which is the world's largest oil exporter, agreed to substantially raise production.

Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

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