Iran oil minister: No change in production, export

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister

There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage.

The comments this morning follow on from yesterday's news that Saudi Arabia raised oil output by about 500,000 barrels per day in June.

Besides, the anti-Iran efforts by the USA president are largely to blame for the high oil prices in global markets, he added.

But if the United States succeeds in reducing Iran's crude exports close to zero from November, in line with its stated policy, Saudi Arabia would have to raise its production to unprecedented levels to cover the loss.

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

OPEC and other producers including Russian Federation agreed last month to boost output by around a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.

On Wednesday, Trump said OPEC is "driving oil prices higher", urging the cartel to reduce the price at the soonest. If Trump really wants to reduce oil prices in America, he should start there. Two other sources also said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether they can receive an exemption from USA sanctions on Iran trade. It said that the United States was "not granting waivers" to any country which was in business with Iran.

Even if the Europeans cave in to USA demands, the world has changed a great deal since the pre-Iran deal era. And some of its major European allies have been working to prevent the 2015 deal from falling apart.

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And it would leave the global market tighter than at any time since the oil shocks of 1973/74 and 1979/80, with resulting upward pressure on prices.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

Tehran and Vienna extended the energy cooperation agreement which was signed between Iranian oil ministry and Austria's energy ministry, Shana reported on Thursday quoting Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

Perhaps no one told him that Iran was a founding member of OPEC?

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

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 halted all Iranian oil shipments in July for the first time in six years amid U.S. pressure.

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