Iran vice president says private sector to buy, export oil

Iran vice president says private sector to buy, export oil

"Although geopolitical risk factors ranging from suspended oil exports from Libya, falling production in Venezuela and United States sanctions on Iran have supported oil, the oversupply concerns could make a return".

Oil prices fell on Monday, reversing course from last week as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid escalating trade disputes with the United States.

The move coincides with USA plans to reimpose economic sanctions on OPEC member Iran, including halting oil exports. It comes as Mr. Trump pulled the US out of Tehran's nuclear deal with world powers in May.

Benchmark Brent crude oil fell $1.24 a barrel to a low of $77.99 before recovering to around $78.50, down 73 cents, by 0935 GMT.

Three members of the Organization of Petroleum Exporting Countries - Libya, Iran and Venezuela - are posting real, or have expected, production declines.

Iran vowed Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market.

Last week, some White House officials privately expressed displeasure with the State Department remarks because they were at odds with another Trump administration priority - stopping oil prices from rising too high ahead of the midterm elections. "The Iranian government has a plan".

USA 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. "OPEC is and they better stop it because we're protecting those countries, many of those countries".

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.

He tweeted the Kingdom could pump "maybe up to 2,000,000 barrels", presumably meaning barrels a day.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new us shale production comes on stream. Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world, who have responded with retaliatory sanctions in kind.

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.

"Investors should keep in mind that United States shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities. We want to work with these countries to build a strong global effort", he said. Off-topic, inappropriate or insulting comments will be removed.

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