Oil falls as Saudi, Russian output rises

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close U.S. allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

Geoffrey Craig, the oil futures editor at Platts, said the drain on USA inventory levels is in part because of higher domestic exports, which set a record for the week ending June 22 at 3 million barrels per day.

The cabinet commended "constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies, taking into account the current market conditions".

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. This increase is needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump tweeted.

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Iran announced on Sunday that it would permit private companies to export crude oil as Tehran attempts to thwart United States sanctions against the country's oil industry.

They agreed to bring down overcompliance with the cuts, resulting in an output increase of one million barrels a day, according to the Saudi energy ministry.

"We are confident that there is sufficient global spare oil production capacity", he added.

In late 2016, OPEC members and 11 non-OPEC countries struck a deal to reduce oil output by 1.8 million barrels per day compared to October 2016.

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"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.

Trade tensions are likely to overshadow that trip.

"If geopolitical risk factors impacting oil start to ease and demand declines on slowing growth, oil may witness heavy losses". "And yes, we will certainly be requesting that their oil imports go to zero, without question". King Abdullah II of Jordan, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, Sheikh Mohammed bin Rashid Al-Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai attended the meeting. The UAE, Kuwait and Saudi Arabia agreed an aid package for Jordan of $2.5 billion.

The US. crude stockpiles, already the lowest since January, are expected to tighten further.

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