Could Saudi Arabia replace all barrels lost from Iran sanctions?

11 Julio, 2018, 15:38 | Author: Arnold Perez
  • Iranian Oil Minister Calls Donald Trump's Order To OPEC Insulting

On Wednesday, Trump said OPEC is "driving oil prices higher", urging the cartel to reduce the price at the soonest.

The U.S.is reimposing sanctions on Iran, after President Donald Trump withdrew the U.S. from the Iran nuclear agreement in May.

President Trump's response has been to demand that OPEC boost its oil production by two million barrels per day to calm markets and bring prices down.

Opec 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.

Donald Trump has insulted OPEC member states by ordering the organization to reduce prices, the Iranian oil minister stated, responding to the U.S. leader's recent criticism of OPEC for keeping oil prices artificially high.

Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as 100 USA dollars per barrel.

"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated", said Virendra Chauhan, an analyst at Energy Aspects in Singapore.

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The move by South Korea, one of Iran's main customers in Asia along with China and Japan, comes as it is in talks to seek an exemption from United States curbs on buying Iranian oil, in line with a waiver it received during previous sanctions, Reuters reported.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

Oil prices could jump steeply to cross $120 per barrel in a not-to-be ruled out scenario of zero Iranian exports combined with Opec's lack of preparedness to offset the huge supply deficit, market analysts said.

South Korea halted all Iranian oil shipments in July for the first time in six years amid USA pressure.

MUFG Bank, a leading Japanese bank, said renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the United States, raises the likelihood of oil trade interruptions and with it upside risks to oil prices in the near term.

They said zero-tolerance sanctions on Iran - the fourth-largest oil producer - could add $US50 per barrel to crude prices, which are up more than 25 per cent this year.

"The embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July", the South Korean embassy responded to the report.

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