Oil: Iran sanctions could send to $120 a barrel

Oil: Iran sanctions could send to $120 a barrel

On Wednesday, Trump accused OPEC of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.

Washington's withdrawal from the landmark Iran nuclear deal was widely criticized across the world.

"Every day, Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting", Iranian Oil Minister Bijan Namdar Zanganeh said on state television. And Saudi Arabia recently agreed to increase production by two million barrels per day, according to a White House statement.

A day later, Saudi Arabia's state producer lowered August pricing for most crude grades in Asia and Europe and cut them for all grades headed to the US.

Iran's Opec governor Hossein Kazempour Ardebili was quoted in June as saying that oil prices could jump to $140 a barrel due to the U.S. sanctions against the country and Venezuela.

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

OPEC and Russian Federation and other producers last month agreed to add 1 million barrels to the market.

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Money managers raised their bullish bets on U.S. crude in the week to July 3, the U.S. Commodity Trading Commission said on Monday.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the US sanctions against Iran's oil exports will weaken the OPEC.

Opec members agreed with Russian Federation and other oil-producing allies last month to raise output, despite Iran storming out of negotiations, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

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

India will decide on importing crude oil from Iran based on national interest, reported Livemint quoting a source. "In contrast, we now project global oil supply and demand balances to remain in a structural deficit for most of the next six quarters", he wrote.

"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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