Saudi Arabia raised oil output by around 500,000 bpd in June

Saudi Arabia raised oil output by around 500,000 bpd in June

Saudi Arabia raised oil output by around 500,000 bpd in June

"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote.

Net U.S. crude imports rose last week by 1.4 million barrels per day.

Brent crude futures were at $77.70 per barrel at 0653 GMT, down 54 cents, or 0.7 percent, from their last close.

Bijan Zanganeh condemned the USA president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

U.S. President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on July 4 and urged the oil cartel's members to do more.

In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase oil output by up to 2 million barrels, an assertion the White House rowed back on in a subsequent statement.

Oil held near US$74 (RM299) a barrel amid estimates that U.S. crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight.

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OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

Tehran blames rising prices on USA sanctions imposed on Iran and Venezuela, founding members of the cartel.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output totaling 1.8 million barrels per day (MMBPD) in January 2017, to prop up the market.

According to analysts, escalating tensions between China and the USA, with the two largest economies in the world implementing tariffs $34 billion on their respective imports and the threat of more action, could weigh on crude prices and soften demand expectations.

Goldman Sachs said the market will stay in deficit in the second half of the year as actual and potential supply losses from Iran, Venezuela, Libya and Canada far exceed the proposed boost from Opec and its partners.

USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind.

Recent price rises have also been spurred by a United States announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.

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