Economy

Saudi, Russian energy ministers agree continued oil market coordination

Saudi, Russian energy ministers agree continued oil market coordination”

Iran also urged fellow OPEC nations, including rival Saudi Arabia, to stick toan agreement made last month to collectively boost output.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54.

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. This increase is needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump tweeted.

The official warned countries including China and India, who are key buyers of Iranian oil, that they should stop purchasing crude from the country before the November deadline or face USA sanctions.

Iran announced on Sunday that it would permit private companies to export crude oil as Tehran attempts to thwart U.S. sanctions against the country's oil industry. The White House later walked back on the comments.

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement.

"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".

After reducing production by more than 1.8 million barrels daily since January past year to drain a global glut, the producers decided in Vienna on June 23 to reverse course.

"We're not granting waivers", the official said.

The Canadian Dollar fell following the news, bucking a recent move higher versus the US Dollar.

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.

The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks".

The Trump administration's ban on Iranian oil threatens to prompt a crude shortage, analysts say, that could hit American taxpayers at the gas pump just as they expect some relief in gas prices after the summer.



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