President Trump wants to lower oil prices, but isn’t entirely sure how

Iran's OPEC governor Hossein Kazempour Ardebili

Earlier, Saudi Arabia had also pledged to add barrels amid calls by US President Donald Trump for more oil from the Opec members.

Iran's OPEC governor Hossein Kazempour Ardebili said the USA ban amounted to "self harm", adding that Iran's position is that oil should not be used as a weapon or for political purposes.

He said Sunday that Oped should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

The US president has spent recent months putting pressure on the Opec cartel, which pumps about a third of the world's crude oil, to reduce prices by increasing its output and yesterday he accused its members of "doing little to help".

Recent price rises have also been spurred by a USA announcement that it plans to re-introduce sanctions against Iran from November, targeting oil exports.

Brent for September settlement lost 20 cents, or 0.2 per cent, to US$78.04 a barrel on the London-based ICE Futures Europe exchange, after gaining 48 cents on Wednesday. You impose sanctions on major producers, founders of OPEC.

"Things will get worse before they get better on trade. between the US and China", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Paul George Has Committed To Sign With Oklahoma City
Then there's Carmelo Anthony , who chose to make $27.9 million in the final season of his contract rather than test free agency. George was traded to the Thunder nearly a year ago after telling the Indiana Pacers he would not re-sign with them.

South Korea is reported to have stopped importing Iran's oil and condensate in what appears to be a temporary halt until the country obtains an exemption from USA curbs on buying Iranian oil. "The UAE can increase production at a point when oil price remaining high so they will increase their market share and it is positive for economic outlook and also the fiscal positon will see a surplus this year due to higher oil revenues", she said.

Kazempour said that Trump is mistakenly attacking some of the "good guys" who are working to boost their output to compensate for Iran, Venezuela and Libya.

Energy consultancy FGE on Friday issued a stark warning of looming supply shortages due to USA sanctions against Iran, and because of disruptions elsewhere.

Even so, renewed USA sanctions on Iran against its oil exports look set to tighten supply further.

"The more that Saudi Arabia adds to the market, the less of a supply cushion we have - that's a bullish twist to a bearish development", said Yawger at Mizuho.

According to Commerzbank, OPEC now has just enough oil to meet global demands without Iran's supply.

The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said.

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