OPEC Wont Take Additional Action As Oil Prices Rise

On Friday, Oil prices fell due to surging USA output and falling demand in China amid worldwide tensions and a Saudi production increase.

Trump's order to oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market", he said.

Iran's oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of US pressure. But if anything, Trump's bluntness is refreshing: if, as he suggests, the objective of the U.S. military - with a yearly total budget of a trillion dollars - is to protect OPEC members in exchange for "cheap oil", how cheap is that oil?

On Wednesday, Trump said in a tweet the "OPEC Monopoly must remember that gas prices are up and they are doing little to help". This must be a two way street.

Meanwhile, North America has enough fossil fuels to last us for "generations", but government policies often stand in the way of exploiting these resources.

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Abu Dhabi: Saudi Arabia has told Opec it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000bpd from the level it said it produced in May, Opec sources told Reuters on Thursday.

On June 26, the U.S. Department of State said that it has been pushing countries to stop importing oil from Iran by November.

The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others' goods and giving no sign of willingness to start talks aimed at a reaching a truce.

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.

Washington said in May it was walking away from an global deal on Iran's nuclear programme, and said it would impose fresh sanctions on Iran's energy sector.

"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.

He further added that Iran has always been an open market to India be it for petroleum, urea or other areas of energy cooperation and Iran has always understood what India needed.

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co. "South Korea overall is lifting zero oil (from Iran) for July loading".

(Copyright © 2015. All Rights Reserved.)
 
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