Iran vice president says private sector to buy, export oil

Saudi Arabia, the world's top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on USA ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

Brian Hook, the State Department's director of policy planning, told a news conference that the US goal was to get as many countries as possible down to zero Iranian oil imports.

The cabinet commended "constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies, taking into account the current market conditions". Trump's tweet, however, mentioned no time frame for the additional 2 million barrels - whether it meant per day or per month. On Monday, Hook expressed confidence that the USA sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.

The United States will sanction any European companies found doing business with Iran, Donald Trump said during an interview aired on Sunday. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

Saudi Arabia's Oil Minister Khalid al-Falih arrives for an OPEC meeting in Vienna, Austria, June 22, 2018.

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Crude oil prices rose on Tuesday with the USA benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya. Officials say they are determined to keep the oil flowing.

USA production has soared 30 per cent in the past two years, to 10.9 million bpd, meaning the world's three biggest oil producers now churn out nearly 11 million bpd each, meeting a third of global oil demand.

"Prices too high! He has agreed!", Trump added.

In late 2016, OPEC members and 11 non-OPEC countries struck a deal to reduce oil output by 1.8 million barrels per day compared to October 2016.

"Investors should keep in mind that U.S. shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities". NY. "all eyes will be on that Cushing number".

WTI marked in a new high for 2018 at 74.80, and with crude nearing the critical 75.00 level bulls will be looking for a solid push, though the thin liquidity in the Asian markets could quickly see crude take a bearish turn, falling back into last week's swing low of 67.70.

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