Published: Fri, July 06, 2018
Markets | By Noel Gibbs

Algeria warns Saudi Arabia, Russia against increasing oil output

Algeria warns Saudi Arabia, Russia against increasing oil output

On Wednesday, U.S. President Donald Trump accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.

After cabinet meeting on Tuesday, the official Saudi Press Agency (SPA) quoted a statement of the leadership that the Kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand.

"We are confident that there is sufficient global spare oil production capacity", he added. WTI the previous day hit its highest since November 2014 at $75.27 a barrel.

"You are hammering on good guys in OPEC", Kazempour said.

'There is no way one country could go 2 million barrels a day above their production allocation unless they are walking out of OPEC, ' he said.

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The US-led sanctions are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programme, following Trump's withdrawl from a 2015 nuclear deal agreed between Iran and six major powers.

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

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales", Hook, the State Department's director of policy and planning, told reporters.

Oil prices rose last week on worries that US sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

While the White House later backed away from an agreement, the tweet came after oil and gasoline prices surged last week even after Saudi Arabia convinced OPEC to potentially add almost 1 million barrels a day to the market. Reinstated sanctions against Tehran may cut a full 1 Mbd out of the market, and lately, Libya's problems have resurfaced, with output falling by 850,000 barrels per day (b/d) amid continued armed conflict.

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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.

Hook declined to say if the kingdom can offer that additional supply, but the United States is "working to minimize disruptions to the global market", Hook said. It was only a few days ago that Saudi Arabia and its coalition partners said they would add 1m bpd of supply back onto the market, with many of them acknowledging that, in reality, the figures would be closer to 600,000 bpd.

The United States has announced plans to reimpose tough sanctions on Iran's energy and banking sectors, saying the Iranian government needs to change its behavior and act like a "normal country". "We are also working with oil market participants, including producers and consumers, to ensure market stability".

China is the largest importer of Iranian oil with 24 percent, followed by India with 18 percent. Turkey stood at 9 percent and Italy at 7 percent.

The State Department has said it expects the "vast majority" of countries will comply with the USA request.

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