Brent crude firms on drop in USA oil inventories, Iran threat

Anyone trying to take away Iran's oil market would be committing great treachery against Iran and will one day pay for it' Iranian Vice President Eshagh Jahangiri said on Sunday

President Trump has always been critical of OPEC and rising oil prices, and the agreement from Saudi Arabia has a broad impact on global oil supply while other nations, like Venezuela, cope with falling production.

It's no secret that President Donald Trump is not a fan of The Organization of the Petroleum Exporting Countries (OPEC).

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.

On May 8, President Donald Trump officially withdrew the USA from the UN-endorsed nuclear agreement and threatened Iran with worst sanctions.

Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

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But a flurry of U.S. announcements over the weekend unsettled oil markets. Iran, however, said it would be tough to erase its oil completely from the market by November, when us sanctions snap back into place. "And yes, we will certainly be requesting that their oil imports go to zero, without question".

USA markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.

Saudi Arabia, the world's top crude exporter, said Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.

Some major importers of Iranian crude have sent mixed signals on their willingness to abide USA sanctions, particularly as inventories remain low.

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"Yes, of course. That's what we're doing".

Mr Trump is not the first US President to attack OPEC.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero.

The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

Unsurprisingly, Mr Trump's Twitter demands for increase in oil production and threats to OPEC "do not automatically create the pricing changes that he sought", said Ms Young.

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Ms Wald said Riyadh will increase production "but by how much is not clear and will be determined by how much the Saudis think they can sell".

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