Trump Says Saudis Must Compensate For Drop In Iran Oil Supply

Eileen GuzmanJul 03, 2018

"Our view is clear: The stronger the implementation and enforcement of a zero Iranian export scenario, the higher the oil price will go, with $100 per barrel crude a distinct possibility", it said.

Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November.

His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.

"The Iranian government has a plan". Also, a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as International Olympic Committee, one of Iran's largest customers, said in an interview. "There's nothing we can't procure, there's nothing we can't process", Singh said.

Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived.

Trump subsequently expressed concern about oil prices last week, announcing in a tweet that he and King Salman of Saudi Arabia had agreed to raise daily oil production by 2 million barrels.

"And I have a very good relationship with the (Saudi) king and with the crown prince of Saudi Arabia and with the others around and they are going to have to put out more oil".

On Fox, Trump directed blame at the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the USA sanctions are meant to turn the public against the government, and won't succeed. India imported 771,000 barrels of crude oil a day from Iran in May, a 35 percent increase from the previous month, tanker tracking and shipping data compiled by Bloomberg show. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

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