Oil falls as OPEC output rises, more production planned

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

"The Iranian government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said.

Mr Trump's interventions with tweets "unsettle" the market and appear to have pushed prices up, Standard Chartered Plc energy analyst Emily Ashford and head of commodities research Paul Horsnell wrote in a note Tuesday.

The US earlier this year withdrew from the deal limiting Iran's nuclear programme in return for allowing the company to resell its oil on world markets.

OPEC pledged to relax compliance with an agreement that helped balance an oversupplied market, but that might not be enough to address a looming deficit of around 2 million barrels per day.

Some are saying that the United States' recent declaration of zero tolerance for Iranian exports has caused bullish investors to reassess the impact of USA sanctions on Iran's exports, believing that shipments may fall by 1.1 million bpd by year end.

"It has no meaning for Iranian oil not to be exported, while the region's oil is exported".

United States markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.

"The kingdom is prepared to utilize its spare production capacity when necessary to deal with any future changes in the levels of supply and demand", a statement from the Saudi cabinet statement said Tuesday, according to the official Saudi Press Agency.

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Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.

The movement came after Iran reportedly threatened to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions against Iran.

"Also, taking a broad range of estimates from IEA, EIA and others, Saudi held spare capacity in the range of 1.3 - 2.1 mb/d when oil production was ~10 mb/d".

Hook declined to say if the kingdom can offer that additional supply, but the U.S. is "working to minimize disruptions to the global market", Hook said.

Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the US sanctions.

Some 50 global companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.

Some key countries are reliant on Iranian oil imports, including India and Turkey. But Indian banks and insurers have said they would not finance oil transactions with Iran.

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