2018 budget in danger as Saudi Arabia pump 2m more barrels

Mr Trump said that he had a fondness for the European Union because his parents were born there

NAN reports that on Twitter, Trump called on OPEC countries, fresh from a meeting in which they made a decision to raise oil output by an indeterminate amount, to do more to bring down crude prices. "It is a real blow to OPEC, in part because of the impression the Saudis are following U.S. bidding, but mostly because Saudi Arabia and Russian Federation had stitched up a deal to raise production anyway even before the meeting".

In a Tuesday statement, Saudi Arabia asserted its willingness to use spare production capacity to increase market supply.

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming US sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion".

The cabinet commended "constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies, taking into account the current market conditions". He has tweeted about the Organization of Petroleum Exporting Countries at least 63 times since 2011, repeatedly saying the group is "ripping us off" and that crude should cost no more than $25 a barrel.

In late 2016, OPEC members and 11 non-OPEC countries struck a deal to reduce oil output by 1.8 million barrels per day compared to October 2016.

"The [Iranian] government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", Jahangiri said.

Iran's First Vice President Eshaq Jahangiri on Sunday warned its rival OPEC producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

Traders have also been watching US oil production C-OUT-T-EIA, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

Thiago Silva On Reported Neymar Rift
Brazil will be hoping the Real Madrid full-back is fit in time for their knockout game against Mexico on Monday. This Mexican side is wonderful going forward but they have big issues in the defensive side of the game.


An agency report on Tuesday indicated, however, that despite the United States push on Saudi Arabia, futures in NY jumped as much as 1.7 per cent.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy, United States bank JP Morgan said in a note".

Also earlier on June, US officials visited Japan to urge Tokyo to find an alternative oil supplier to Iran.

"U.S. petroleum demand growth slowed significantly to 385,000 bpd year-on-year in April, compared with a growth of more than 730,000 bpd year-on-year in Q1", Barclays bank said, adding that this was mostly due to higher fuel prices.

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.

China is the largest importer of Iranian oil with 24 percent, followed by India with 18 percent.

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.

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