Oil falls as Saudi, Russian output rises

Trump continued, "prices too high!"

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.

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.

"We are making meaningful changes to our supply forecasts: we see lower output from Iran, Libya and Angola ahead, but increase our forecasts for Saudi Arabia", wrote Martijn Rats, equity analyst at Morgan Stanley.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude oil sales", Hook said.

The contract on Friday touched a high of $74.46, which was the highest since November 2014, rallying on concerns that US sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. "Since Venezuela and Libya failed to produce, OPEC countries chose to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close United States allies with a threat to sanction European companies that do business with Iran".

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US President Donald Trump speaks to the press after announcing his decision to withdraw from the nuclear deal with Iran during a speech from the Diplomatic Reception Room at the White House on May 8, 2018.

Trump said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

But the United States official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important. The move partly reversed the original OPEC+1 deal which came into force in January past year and was created to reduce the global glut in oil.

The cabinet affirmed that the launch of the Saudi Project for Landmines Clearance in Yemen, carried out under the King Salman for Humanitarian Aid and Relief Center, is an extension of the history of the Kingdom, which has been providing aid where more than 600,000 landmines have been found, as well as 130,000 sea mines, and 40,000 mines in Marib governorate and 16,000 mines in Muen Island.

He also suggested, however, that there would be some legroom with other countries that import Iranian oil from avoiding immediate sanctions, once they are set to be re-imposed come November 4.

Trade tensions are likely to overshadow that trip.

"There are indications that Iranian oil exports have already begun dropping during the first half of June, mostly to Europe".

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