Oil falls as Saudi, Russian output rises

Oil falls as Saudi, Russian output rises

After years of glut, global oil markets now face supply constraints that are providing welcomed revenue gains for Canadian producers, but also higher pump prices for summer motorists.

These moves follow US President Donald Trump's decision in May to withdraw the United States from the Iran nuclear deal, formally known, as the Joint Comprehensive Plan of Action, which removed sanctions against the Islamic Republic in exchange for curbs on its nuclear program.

So, how much support can Trump garner for his economic assault against Iran?

Brian Hook, the State Department director of policy planning, said on Monday that he and the Treasury under secretary for terrorism and financial intelligence, Sigal Mandelker, would be leaving for the Gulf region "in the coming days", accompanied senior officials, to co-ordinate efforts on Iran.

But a flurry of United States announcements over the weekend unsettled oil markets.

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Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the U.S. sanctions are meant to turn the public against the government, and won't succeed. "We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant waivers or licenses".

The Trump administration is claiming some early success in its quest to cripple Iran with sanctions in order to drag it back to negotiations and change its behavior, even as it softens its demand on US allies to reduce their Iranian oil imports to zero.

To make up for that loss, Saudi Arabia will have to produce more than 11 million barrels a day, and it is not clear the kingdom has the capacity to boost production to that level, Ms. Croft said. 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. "There's nothing we can't procure, there's nothing we can't process", Singh said. The White House later walked back on the comments. Also, a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as International Olympic Committee, one of Iran's largest customers, said in an interview.

Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter. Officials say they are determined to keep the oil flowing.

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