Oil prices edge up as investors eye tight market

An aerial view of an Iranian floating oil export terminal in the Persian Gulf

An aerial view of an Iranian floating oil export terminal in the Persian Gulf

"When we look at Saudi production and exports going back to 1970, we can observe that the highest annual oil production recorded was 10.4mn b/d in 2016, and Saudi has never produced more than 10.6mn b/d of oil on average over a single month", he wrote.

"Every day, Mr. Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting", or demands other countries increase their production, Zanganeh said.

According to the top official, the order issued by the USA leader is "a great insult to [OPEC] governments and nations, and destabilizes the market".

US President Donald Trump on Wednesday again accused the Organisation of the Petroleum Exporting Countries (Opec) of driving gasoline prices higher and urged the oil producer group to do more. If Trump really wants to reduce oil prices in America, he should start there.

The president is right that oil prices are rising, and he's partly correct that OPEC is "doing little to help", insofar as OPEC isn't producing enough oil to cope up with market demand. This must be a two way street.

Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years.

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Iran, OPEC's third-largest producer, is facing U.S. sanctions on its oil exports prompting some buyers to cut purchases.

"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated", said Virendra Chauhan, an analyst at Energy Aspects in Singapore.

Tehran and Vienna extended the energy cooperation agreement which was signed between Iranian oil ministry and Austria's energy ministry, Shana reported on Thursday quoting Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.

The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the Iranian calendar year (starting on March 21), and is the biggest buyer of Iranian oil after China and India.

"The embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July", the South Korean embassy responded to the report.

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