Saudi Arabia to pump more oil following United States request

Iran to allow private sector to export oil, beat US sanctions

Traders have also been watching United States oil production, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

"The Cabinet. affirmed the Kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates in coordination with other producing countries", read a statement released by the Saudi Press Agency.

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.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May. In addition to that, the looming USA sanctions on Iran, which according to Trump will be harshest ever has kept the markets at an edge.

Saudi General Authority for Statistics (GASTAT) indicated the GDP of the non-oil sector in Saudi Arabia achieved a more positive rate during the first quarter of this year, a growth of 1.6 percent.

The tightening of the oil market has pushed up prices, which is always a concern for USA politicians wary of catching heat from their constituents. Yet the announcement, on June 23, initially caused prices to rise.

In a tweet on Saturday, Trump said the extra Saudi oil would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.

Coffee drinking connected to lower risk of death, study finds
The team at the National Cancer Institute used data from people taking part in a large genetic study in Britain called the U.K. Amla is loaded with vitamin C that is known to build your body's defence mechanisms against diseases and infections.

Terrifying moment woman is dragged under water by shark
But the wound ended up getting so infected that she needed to have an operation when she got home to have it cleaned. Luckily for Brunning, her friends and family were nearby and quickly puller her back onto their yacht.

Britain vows to end gay conversion therapy as survey reveals ‘burning injustices’
The LGBT Action Plan will be published alongside the results of the largest national survey of LGBT people ever undertaken. It will be one of 75 pledges in a government plan, along with an $8million fund, to tackle issues revealed in the survey.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran.

"It must be kept in mind that USA shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions".

That kind of talk is part of a broader game Saudi Arabia played to master the oil market.

"Opec will, from July 1, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation", said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, on Tuesday.

He said, "The US [officials'] statement in this regard is unilateralism...and a breach of all worldwide rules and regulations in energy and trade sectors". Saudi Arabia has the largest spare capacity of about 2 million barrels, which would be stretched to the limit if the kingdom would have to make up for lost supplies.

Related news:

Hot News

isis-killer-beheading-video-story-top Bezos watch it, Mukesh Ambani is headed your way
Jul 05, 2018 - 13:49
If the execution is carried out well, Jio GigaFiber can be a service that finally brings back sense to the broadband industry. Reports suggest that RIL could well announce the commercial launch and prices for its broadband venture, JioFiber service.

isis-killer-beheading-video-story-top Coinbase's New Custody Service Is Now Live
Jul 05, 2018 - 12:10
He would later add that the number one concern of these institutions with regards to cryptocurrencies was guaranteed security. The service has officially accepted its very first deposit and it is now live for investors in the USA and Europe.

Trump pressed aides on invading Venezuela, officials say
Jul 05, 2018 - 11:42
Trump didn't drop it, and the next day made public remarks about a " military option " to remove President Nicolas Maduro. Maduro's son, also named Nicolas, said past year : "Mind your own business and solve your own problems, Mr.

isis-killer-beheading-video-story-top U.S. seeks to block China Mobile's entry, escalating tension
Jul 05, 2018 - 11:39
According to the document, China Mobile had applied to be a carrier of global calls between United States and foreign countries. The company had 901.9 million mobile subscribers, 671.8 million of which are on its 4G network, as of May 31.

isis-killer-beheading-video-story-top Yerry Mina becomes Colombia's 2nd highest goalscorer in World Cup history
Jul 05, 2018 - 10:44
The two Colombian footballers who missed penalties to hand England victory in their World Cup tie have received death threats. However, as England has well known in the past, there is always a flip side to the elation of a penalty kick win.

isis-killer-beheading-video-story-top Oscar-winning 'NCIS: Los Angeles' actress injured in Hollywood crash
Jul 05, 2018 - 09:45
Paramedics reportedly evaluated the actress while she was seated and they decided she needed to go to the hospital. After striking the first auto , Hunt's vehicle then reportedly collided with a Honda SUV.

isis-killer-beheading-video-story-top Auto racing roundup: Busch wins duel of Kyles at Chicagoland
Jul 05, 2018 - 08:24
Truex is the defending race victor , when this race was part of the playoff "Chase". "So that's kind of the approach we'll take". Larson slid sideways, as the momentum of Busch's charge into the corner carried his vehicle into the outside wall.

isis-killer-beheading-video-story-top Diplomat among six arrested over suspected plot against Iran opposition meeting
Jul 05, 2018 - 07:54
He also pointed out that a number of Iranians have been demanding that those living in the U.S.be deported back to Iran. President Donald Trump has since pulled out of the carefully negotiated deal which he branded the 'worst deal ever'.

isis-killer-beheading-video-story-top Arsenal ace ready to fire Gunners to Premier League glory
Jul 05, 2018 - 06:03
Emery said Chambers would definitely figure in his side in the forthcoming season. It's a figure which Arsenal may not be prepared to play.

isis-killer-beheading-video-story-top Cent Savagely Responds After Blac Chyna Rumoured To Be Dating Teenage Boxer
Jul 05, 2018 - 05:43
According to sources close to the athlete, Hane first met Chyna around three months ago, hitting her up on Instagram after learning they had the same lawyer .

isis-killer-beheading-video-story-top Mario Hezonja signs with New York Knicks
Jul 05, 2018 - 04:33
But he is an athletic threat at 6-foot-8 that can put the ball on the floor and drive to the hoop effectively. The New York Knicks have made it known that the 2018 period of free agency will be somewhat uneventful.

isis-killer-beheading-video-story-top ATP Wimbledon: Roger Federer rolls past Lacko to tie Jimmy Connors' record
Jul 05, 2018 - 03:41
Federer won 35 straight points on his own serve en route to beating Lacko and advancing to the third round. Milos Raonic eased past Australia's John Millman in straight sets to book his place in the third round.

isis-killer-beheading-video-story-top State Dept dismisses doubts ahead of Pompeo trip to North Korea
Jul 05, 2018 - 02:40
Bolton said top United States diplomat Mike Pompeo will be discussing that plan with North Korea in the near future. In a tweet , Mr Trump said North Korea has conducted "no Rocket Launches or Nuclear Testing in 8 months".

isis-killer-beheading-video-story-top European Union warns Trump: motor tariffs could lead to £230bn retaliation
Jul 05, 2018 - 02:17
Of the 10 states facing the biggest financial losses, seven voted for Trump in the presidential election, according to the report. After all, Europe, Japan and other rich countries have the same complaints about Chinese trade practices that America does.

isis-killer-beheading-video-story-top Scarlett Johansson Fires Back Against Criticism For Accepting Transgender Role
Jul 05, 2018 - 01:46
Furthermore, Johansson and Rub and Tug's director Rupert Sanders are not immune to such controversy. The three actors mentioned all received acclaim for their portrayal of transgender characters.