Markets

Don't blame OPEC, oil producer group says of Trump criticism

Don't blame OPEC, oil producer group says of Trump criticism

Now after the USA pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.

The truth is, if the rest of the world followed Trump's demands and returned to sanctions and boycotting Iranian oil, some 2.7 million barrels per day now supplied by Iran would be very hard to make up elsewhere.

"Trump sends every day a new message that creates uncertainty in the oil market", Bijan Zanganeh said in an interview with Iranian broadcaster IRIB.

"However, bringing all its spare capacity into play would incur a significant cost, while production would take time to bring fully online; increasing crude output from 11 million to 12 million barrels per day would likely take in the order of six to 12 months to fully ramp up", the analysts added.

The figures were contained in a communication from the kingdom to the Organization of the Petroleum Exporting Countries ("Saudi Arabia raised oil output by around 500,000 bpd in June", Reuters, July 5). If Trump really wants to reduce oil prices in America, he should start there.

Iran, OPEC's third-largest producer, is facing United States sanctions on its oil exports prompting some buyers to cut purchases.

He added that OPEC principles would never allow political pressures to change the directions of the market.




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

Meanwhile, North America has enough fossil fuels to last us for "generations", but government policies often stand in the way of exploiting these resources.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the Iranian calendar year (starting on March 21), and is the biggest buyer of Iranian oil after China and India.

Abu Dhabi: Saudi Arabia has told Opec it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000bpd from the level it said it produced in May, Opec sources told Reuters on Thursday.

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

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.


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