Oil falls after Trump pressures OPEC to raise output

Jihad Azour International Monetary Fund Middle East and Central Asia director speaks during an interview with AFP at Dubai's International Financial Center

Jihad Azour International Monetary Fund Middle East and Central Asia director speaks during an interview with AFP at Dubai's International Financial Center

Both benchmarks fell by about 3 percent on Friday after Trump told reporters that he had called OPEC and told the cartel to lower oil prices, without identifying who he spoke to, or if he was speaking about previous discussions with OPEC officials.

OPEC and other allies led by Russian Federation have agreed to cut output by around 1.2 million bpd for six months until the end of June.

Proceeds from the sale of hydrocarbons is the biggest revenue earner for Tehran and U.S. sanctions have denied Iran's government more than $10 billion in revenue, United States officials said earlier this month.

The oil producers meet on June 25-26 to decide whether to extend the pact or adjust supply targets.

Crude prices have risen over 30% so far this year, supported mainly by an OPEC-led deal to cut 1.2 million bpd of supply for six months.

If Saudis stopped their taps tomorrow (something they can do at any time), it would slow the flow of oil and jack prices high enough to send the global economy into a downturn. Based on what I see now ...

"It may remain the same, or could change up or down, I don't know".

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In comparison, Apple and Samsung , both of which are now in third and first place, respectively, saw phone shipments decline. Whereas its domestic adaptability in China further scaled sales leading to 7.0 points increase in the previous quarter.

USA sanctions against Iran have denied its government more than $10 billion in oil revenue, a US official said earlier this month.

Analysts and market participants have downplayed the comments since details were unclear.

For oil importing countries, unemployment remains stubbornly high at close to 25 percent among young people, the International Monetary Fund said. These figures are moderate at the moment, the demand is healthy, there is nothing to worry about...

However, Brent reversed its downward course after Oman energy minister Mohammed bin Hamad al-Rumhy said that the Organization of the Petroleum Exporting Countries (OPEC) was intending to extend supply cuts at its June meeting.

The Iranian rial official rate is set at 42,000 rials to the US dollar, but its market rate stood at around 144,000 against the USA dollar on Sunday, according to foreign exchange website Bonbast.com (www.bonbast.com/). Under the OPEC+ deal, Riyadh can pump up to 10.3 million bpd.

However, Pompeo did not make any commitment and told Swaraj the matter was no longer handled at his level as a decision had been made by the USA administration to strictly enforce sanctions, the people added.

Any wind-down measures would be different than the 180-day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May.

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