A source close to the discussion said Russian Federation and Saudi Arabia wanted to keep news of their higher production quiet as to not give off the impression that they were working on Trump's orders, according to Reuters. This was important because the two countries are the largest crude oil exporters in the world.
United States refineries entering maintenance season, in which major plants go offline for four to six weeks, has also weighed on crude demand and prices.
Disapproving this attitude, Reza Padidar, the chairman of the Energy Committee of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), says: "Materializing the idea of offering oil in the stock market requires some expert work, but we as the private sector can design a model; so the government should go on with the plan".
The veiled Saudi threat to use its weight as the world's biggest oil exporter would be a sharp departure from the stabilising role the kingdom has played since the disastrous 1973 to 1974 oil embargo on the West for their support of Israel. No one knows precisely how much firepower Saudi Arabia has to make up for the loss of Iranian crude.
U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.
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For all these reasons, the oil weapon is essentially useless, an unreliable blunderbuss more likely to blow up the user than its intended target, which is why Saudi Arabia is unlikely to deploy it.
According to Mr. Kumar, India has conveyed its expectations to the US side, while adding that India hailed the statement issued by US Secretary of State Mike Pompeo that the intention of the US on Iran is not to hurt the Indian interests.
Finally, Saudi Arabia relies heavily on the United States for security (including the provision of advanced weapons systems, training, intelligence and thousands of USA personnel and aircraft stationed in and around the Gulf).
However, there is a psychological factor that contributes to keeping prices in the range of $80 and it's that a number of analysts and market dealers think OPEC member states and other oil producing countries do not have sufficient spare capacity to cater for any future increase in demand. This is because investors believe that the USA will do nothing about Saudi.
A source from the National Iranian Tanker Company said the company is shipping more than 20 million barrels of oil to Dalian. It was also above the drawdown number released by American Petroleum Institute (API). As shown below, the pair has declined from a high of 86.65 to a low of 78.83. The ADX indicator points to the strength of the downward trend. Oil traders are awaiting details from the Trump administration on potential waivers that would allow countries to continue buying at least some oil from Iran.