USA crude hits $75 as oil supply risks mount

USA crude hits $75 as oil supply risks mount

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.

Since a State Department official first told reporters on June 26 that the U.S. was preparing to ask allies to cut their oil imports from Iran, the USA market took a hit, with U.S. crude jumping more than 8 percent.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).

So, how much support can Trump garner for his economic assault against Iran? On Monday, Hook expressed confidence that the US sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.

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. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

Asked whether someone was manipulating oil markets, Trump said: "100 percent".

Iran will apply various methods to thwart the USA sanctions, Jahangiri said during a meeting of the resistance economy headquarters. "We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant waivers or licenses".

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Turkey has also said it would keep up Iranian crude imports, while China, the largest consumer of Iranian crude oil, has criticised the United States for withdrawing from the deal.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. "There's nothing we can't procure, there's nothing we can't process", Singh said.

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline.

Traders said supply disruptions could be short lived.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

"It depends on the conduct of other governments", Bolton said. We are also working with oil market participants, including producers and consumers, to ensure market stability.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

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