Saudi Arabia 'ready to use spare oil capacity when needed'

Iran’s President Hassan Rouhani is seen at the airport in Tehran

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

China's customs agency said on its website that Chinese tariffs on USA goods would immediately be implemented in retaliation. "The Ministers agreed to ask the Joint Technical Committee to develop appropriate procedures and take it to the Monitoring Committee", the Ministry said.

"Any increase in the production by any member country beyond commitments stipulated in OPEC's decisions ... would constitute a breach of the agreement", Zanganeh wrote in his letter, seen by Reuters and also reported by state media on Sunday.

"Saudi Arabia obviously can deliver as much as the market would need, but we're going to be respectful of the 1-million-barrel cap - and at the same time be respectful of allocating some of that to countries that deliver it", al-Falih said then. Interestingly, the price of oil did not rise in these two wars.

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It said WhatsApp "cannot evade accountability and responsibility". It is also testing the labelling of forwarded messages.

The State Department said new sanctions, which it described as "snap back" sanctions, will begin on August 4, targeting Iran's automotive sector and its trade in gold and other key metals.

In recent days, Trump has tweeted several times about global oil markets, complaining that prices are now too high, and insisting that major producers within OPEC increase production in order to bring those prices down. President Trump has always been critical of OPEC and rising oil prices, and the agreement from Saudi Arabia has a broad impact on global oil supply while other nations, like Venezuela, cope with falling production.

"Hope OPEC will increase output substantially", the president tweeted on June 22, the day the deal was announced. Brent crude was trading at $77.42, up $0.12 (0.16%) on the day.

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The president said a national security study for the new tariffs are set to be completed in three-to-four weeks. Read Axios' story for more details about the bill. "American consumers pay for tariffs", Scaramucci said.

Meanwhile in other oil-market news, state-owned Saudi Aramco said it will change its Asia crude-pricing benchmark by replacing Platts' Oman assessment with the Dubai Mercantile Exchange's Oman futures from October 1.

OPEC countries and their 11 allies, including Russian Federation, agreed at a scheduled meeting in June to return the production to a 100% compliance with the terms of the output reduction deal. The agreement, which was aimed at boosting oil prices, was prolonged twice, with the last extension set to be in force until the end of 2018. Mazrouei, who serves this year as OPEC's president, said the U.A.E.is ready to help ease any supply shortages in cooperation with OPEC.

State Department Director of Policy Planning Brian Hook told reporters on Monday that Iran is not a "normal" country and must meet 12 demands in order to be relieved of U.S. sanctions. About 450,000bpd of exports has been lost due to Libyan conflict.

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The widely-read Global Times tabloid said in an editorial that China must prepare for containment by the United States. The past two summits ended without a statement due to disagreements over the South China Sea and trade.

These developments come as the Saudi economy, the largest in the Middle East, achieved positive growth in the Q1 of this year, at 1.2 percent, in actual translation of the feasibility of economic reforms that work on diversifying the economy and reducing dependence on oil. Yet the announcement, on June 23, initially caused prices to rise.

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