Iran to only trade with countries that import its oil

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

Iran insists that production limits OPEC set in late 2016 still apply, and that any countries who increase beyond these levels are undermining the unity of the organization. "And yes, we will certainly be requesting that their oil imports go to zero, without question". This means that we will make the purchase of goods conditional on oil sales. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.

In a follow-up Twitter message on July 4, the president said that "the United States defends many of those countries for very little $´s". This must be a two way street.

President Trump has never been shy about tweeting on global affairs, often putting his foot in his mouth.

Mr Trump has criticised OPEC at the same time Washington is piling pressure on its European allies to stop buying Iranian oil.

According to the sources, India is hoping to hold engagement on this subject with the United States within the span of a month but it is unlikely for the USA to grant a waiver.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

USA crude oil is trading on the futures market today for about $73.52 a barrel, down about $1 from the previous session.

Dele Alli: 'I don't think we lost any momentum against Belgium'
Statistics suggest that players have an 89 percent chance of scoring if the team's last two shootouts have been successful. It is probably braver not to, if you are not confident. "Maybe the teams who aren't here weren't as strong this time.

Saudi Arabian Oil Co., also known as Aramco, lowered August prices for light oil to Asia by 20 cents to $1.90 a barrel above the Middle East benchmark, according to Bloomberg.

"Further declines in USA crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.

OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

Those other factors have not only driven up oil prices this year, they've also increased gasoline prices.

"The decision by the US administration is expected to be taken on Friday and China is expected to retaliate immediately", said Hussein Sayed, Chief Market Strategist at futures brokerage FXTM. However, summer months in the US usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

In Venezuela, Trump's have accelerated the sharp decline in its oil.

Traders said supply disruptions could be short-lived as Opec and allied producers ramp up output.

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