Saudi cabinet says ready to use spare oil capacity as needed

Saudi cabinet says ready to use spare oil capacity as needed

Saudi Arabia, the world's top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

US President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets in an interview that aired on Sunday.

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement.

A US State Department official said in a briefing that more than 50 global companies intend to drop the use of Iranian oil before the 4 November restart of the sanctions. "He has agreed", Trump tweeted on June 30.

The Trump administration vowed to stick with its pressure campaign against Iran on Monday, affirming its strategy to change Tehran's behavior by gutting its oil revenue and isolating the country globally.

Saudi Arabia has been pumping around 10 million bpd in recent months and sources close to its oil policy have said it could raise output to 11 million bpd.


Since a State Department official first told reporters on June 26 that the USA was preparing to ask allies to cut their oil imports from Iran, the U.S. market took a hit, with USA crude jumping more than 8 percent. On Monday, Hook expressed confidence that the US sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.

After reducing production by more than 1.8 million barrels daily since January past year to drain a global glut, the producers decided in Vienna on June 23 to reverse course.

"If geopolitical risk factors impacting oil start to ease and demand declines on slowing growth, oil may witness heavy losses".

"The Libyan power struggle between the Tripoli-based National Oil Corp that is internationally recognised and controls the export sales and the NOC-East group based in Benghazi that now has physical control of the infrastructure. wipes out the planned increase from the OPEC+ coalition", said Stephen Innes, Head of Trading for Asia-Pacific at futures brokerage OANDA in Singapore.

The Cabinet was briefed on Crown Prince Mohammed bin Salman's visit to Russian Federation.

The cabinet affirmed that the launch of the Saudi Project for Landmines Clearance in Yemen, carried out under the King Salman for Humanitarian Aid and Relief Center, is an extension of the history of the Kingdom, which has been providing aid where more than 600,000 landmines have been found, as well as 130,000 sea mines, and 40,000 mines in Marib governorate and 16,000 mines in Muen Island.

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