Oil Prices Rebound As Saudis Expect Reduced Exports In August

China may boost Iranian oil purchases once US sanctions step into force- Report

China may boost Iranian oil purchases once US sanctions step into force- Report

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference.Prices to high!" As of past year, 14.4 percent of its crude oil imports were from Mexico.

Meanwhile, Rising OPEC output also weighed on sentiment as the oil cartel revealed last week that its members had increased output last month, led by a rise in Saudi output to levels not seen since the output cut agreement in 2016. The potential release of oil from the strategic petroleum reserve and the pressure from the Trump administration on Saudi Arabia to increase output has increased uncertainty.

"They're pushing out a heck of a lot of crude right now, and they're anxious about the downward pressure on prices", said Mike Wittner, head of oil market research at Societe Generale SA in NY.

Until May this year when the US announced that it would withdraw from the Iran nuclear deal and renew trade sanctions, Korean companies imported cumulative 44.51 million barrels of crude oil, accounting for 9.7 percent of the total.

Iran, which is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), now counts China, India, South Korea, Japan, and Turkey as its biggest importers, but not for long.

The International Energy Agency reported that Saudi Arabia boosted production sharply last month, raising crude shipments to world markets by 390,000 bpd to 7.6 million bpd. Prices have since retreated to about $73 as Libya restored some halted output and the escalating U.S.

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Even higher U.S. production was likely, Rystad Energy said. Saudi Arabia's oil production jumped in June by 405,400 bpd compared to May, to reach 10.420 million bpd.

U.S. crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies.

Adeeb Al-Aama said in a statement that Saudi Arabia's crude oil exports in July would be roughly equal to June levels.

He asserted that Riyadh "does not try to push oil" into the market beyond customer needs. Japanese suppliers of Iranian oil - JXTG Holdings and Idemitsu Kosan - received a warning from the United States about the need to completely stop imports by November 4, 2018, when Washington plans to resume sanctions against Tehran.

Another victor if USA sanctions are adopted widely would be Saudi Arabia.

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