Published: Tue, July 03, 2018
Money | By Armando Alvarado

Algeria warns Saudi Arabia, Russia against increasing oil output

Algeria warns Saudi Arabia, Russia against increasing oil output

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

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

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.

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming USA sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion".

The Indian government also asked domestic oil companies to prepare a blueprint of alternative payment channels for procuring the Iranian oil post-November.

Some key countries are reliant on Iranian oil imports, including India and Turkey.

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

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The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers. We are also working with oil market participants, including producers and consumers, to ensure market stability.

On trade, the president said in the Fox interview that he was not happy with the North American Free Trade Agreement and would not agree a new one until after the November elections.

The U.S. Navy's 5th Fleet, which patrols the region, has said it has not seen any "unsafe and unprofessional" actions by Iranian naval forces in the Gulf since August 2017. "They seek to push Iranian exports of crude, condensate, and oil products to zero", energy consultancy FGE said in a note.

An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

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