WITH Saudi Arabia expressing its ability to raise oil production by two million barrels in obedience to pressures from US President Donald Trump, there are fears that Federal Government's 2018 budget just recently signed by President Muhammadu Buhari may be in trouble.
Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.
"Don't forget the one negative to the Iran deal is that you lose a lot of oil, and they got to make up for it. We want to work with these countries to build a strong global effort", he said.
An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions.
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Brian Hook, the State Department's director of policy planning, told a news conference that the USA goal was to get as many countries as possible down to zero Iranian oil imports. That's led to higher prices at gasoline pumps in the U.S.as it heads toward midterm elections for Congress.
Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.
Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.
"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".
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Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.
A recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to increase the cartel's own production by 1 million barrels a day has yet to tamp down prices.
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. 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.
Traders also debated when production would restart at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, hit by a power outage last month and likely to remain offline through July.
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Trade tensions are likely to overshadow that trip. Off-topic, inappropriate or insulting comments will be removed.