Saudi Arabia to pump more oil following USA request

Anyone trying to take away Iran's oil market would be committing great treachery against Iran and will one day pay for it' Iranian Vice President Eshagh Jahangiri said on Sunday

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Some countries continuing to import Iranian oil could avoid sanctions after restrictions are re-imposed in November following the American withdrawal from the Iran nuclear deal, the State Department said Monday.

Saudi Arabia now produces some 10 million barrels of crude oil a day.

"The Trump support base is probably the part of the US electorate that will be the most sensitive to an increase in USA gasoline prices", Halff said.

OPEC-member Iran, however, has warned it would not accept other producers reaping the benefits by taking its market share.

USA crude stockpiles are forecast to have declined 5 million barrels last week, according to a Bloomberg survey ahead of government data released on Thursday.

In comments to reporters on July 2, Brian Hook, the department's director of policy planning, repeated past statements that the United States was not looking to topple the Iranian government.

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The impact on the tanker trade remains unclear as oil buyers could turn to regular sources such as Saudi Arabia for more barrels, or look further afield at long distance sources such as the US.

Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets, Reuters reports.

"The Saudis do not have two million bpd (barrels per day) of spare capacity as it would imply production of 12 million bpd".

US President Donald Trump's tweets about the Organization of Petroleum Exporting Countries (Opec) and oil prices are more likely to worry the market and put upward pressure on prices than reassure it.

Saudi Arabia now produces some 10 million barrels of crude oil each day.

"We have an $80 per barrel price for oil in the medium term and we are pretty much at that level".

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"Now, we are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity".

"In this battle", he said, "any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason".

U.S. officials from the Treasury Department and State Department have been taking what Hook referred to as travelling "road shows" to explain the policy to their counterparts around the world over the past few weeks, ahead of August 4, when the first sanctions will be reimposed on automotive, gold, and key metals.

US President Mr Donald Trump tweeted that the Saudi King had agreed to a proposal to increase Riyadh's daily oil production to two million barrels.

Trump tweeted Wednesday that the Organization of Petroleum Exporting Countries is "doing little to help" reduce US gasoline costs and "if anything, they are driving prices higher". The two main importers of Iranian crude are China and India; both of whom import around 400,000 BPD now.

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