Published: Mon, September 17, 2018
Money | By Armando Alvarado

United States surpasses Saudi Arabia as world's top crude oil producer

United States surpasses Saudi Arabia as world's top crude oil producer

Oil futures climbed Friday, with the US benchmark building on its gain for the week as the USA imposed more tariffs on China.

Ardebili also said "Saudi Arabia and UAE are turning the OPEC into a USA tool".

For the week, November WTI crude oil settled at $68.77, up $1.22 or +1.81%.

The remaining sanctions will snap back on November 4.

The United States is under the process of imposing new economic sanctions after the Trump administration chose to pull out of the nuclear deal with Iran.

The change comes at a time when the oil market is already facing a high degree of uncertainty, partly due to the Trump administration's decision to cut Iranian oil imports to zero.

"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", Hossein Kazempour Ardebili was quoted as saying by SHANA, the oil ministry's news agency.

He cited declines in Mexican production of more than half this year, as well as falling production in Venezuela by around 50,000 bpd, falling by half to little more than 1 million bpd, adding "that the market is still not balanced in long-term perspective".

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Prices began to retreat on Thursday after the International Energy Agency that said global oil supply hit a record high in August despite lower production from Iran and Venezuela.

Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran, US Secretary of State Mike Pompeo said last week in New Delhi after a meeting of high level officials.

Under the deal, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.

It also said that oil prices are set to rise unless there is additional production increases elsewhere that will offset the supply losses.

In defiance of warnings from the European Union, the JCPOA signatories and many global players, Trump signed an executive order on August 6 re-imposing a first round of sanctions on Iran, which were lifted under the nuclear deal, to levy "maximum economic pressure" on the Islamic Republic.

Iran will face United States sanctions on its oil sector in early November.

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said, while U.S. President Trump said on Twitter he felt no pressure to strike a deal with China.

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