OIL PRICE CRISIS: Prices PLUMMET as experts warn of imminent 'OIL SHOCK’

Iran announces plan to circumvent US oil sanctions

Last month President Donald Trump withdrew the United States from the landmark Iran nuclear deal, re-imposing U.S. sanctions that had been suspended in return for curbs on Tehran's nuclear programme.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

An agency report on Tuesday indicated, however, that despite the U.S. push on Saudi Arabia, futures in NY jumped as much as 1.7 per cent.

Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the US sanctions.

After Trump announced his withdrawal from the Iranian nuclear agreement, Hook said the American diplomatic teams from the State and Treasury are bringing with them a message of cooperation and coordination.

On Monday, Brent oil prices were around 1 percent lower but not far from $79 per barrel as analysts have warned of thin global spare capacity to offset potential supply disruptions.

At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

Last week, Turkey's economy minister said his country does not plan to abide by the USA demand for countries to stop importing Iranian oil, calling the request "nonbinding" on Turkey - a stinging rebuke from a North Atlantic Treaty Organisation ally. Oil prices rose to multiyear highs last week after USA officials signaled the administration would act to cut Iran exports faster than expected and.

Saudi Arabia now produces about 10 million barrels of oil per day.

This is while world oil prices have climbed higher as the Trump administration has pressured U.S. allies to end all purchases of oil from Iran.

He tweeted the Kingdom could pump "maybe up to 2,000,000 barrels", presumably meaning barrels a day.

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense. Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world, who have responded with retaliatory sanctions in kind.

"Investors should keep in mind that U.S. shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities". "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong".

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