Oil prices chart new territory on supply-side concerns

04 July, 2018, 07:55 | Author: Mary Valdez
  • Iran announces plan to circumvent US oil sanctions

"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", he said.

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

At present, lower crude prices will only serve to hamper Canadian exports and have a knock-on effect on GDP when the nation has a central bank rate decision coming up next week.

Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the USA sanctions. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

London Brent crude fell 55 cents, or 0.7 percent, to $78.68, after gaining more than 5 percent last week.

Hook's comments follow a turbulent week in the oil market that started last Tuesday when another State Department official called on buyers to stop importing Iranian crude by November 4.

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Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement. West Texas Intermediate, the US benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.

The Trump administration's ban on Iranian oil threatens to prompt a crude shortage, analysts say, that could hit American taxpayers at the gas pump just as they expect some relief in gas prices after the summer.

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 22, holding steady for three weeks in a row, according to the EIA.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers. The president also had tough words for other U.S. allies.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections. 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. All comments are subject to editorial review.

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