Saudi cabinet says ready to use spare oil capacity as needed

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude-oil sales", Brian Hook, the State Department's director of policy planning, said at a briefing.

"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said. In contrast, the nation has expressed they are profitable with oil near $40 a barrel.

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

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference.Prices to high!"

The day had started brightly with the price of US West Texas Intermediate crude stating to $75.27 - the highest it has been since November 2014. The Kingdom did not initially confirm Trump's tweets and the White House at first backed away from the comments. This will include allowing private companies to directly export the oil.

Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets.

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OPEC members agreed on June 22 to increase collective production by around one million barrels per day, in a context where oil prices have approximately doubled from a 2016 low.

Craig added that more issues could develop as Washington tightens the sanctions noose on Iran and Venezuela.

An International Energy Agency scenario projects oil production falling by around 1.5 million bpd due to the loss of Iranian and Venezuelan oil.

Trump was referring to OPEC's decision to raise output together with its non-OPEC allies by around 1 million barrels per day, although since then Saudi Arabia has pledged to raise production to a new record.

Oil prices fell on Monday, reversing course from last week as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid escalating trade disputes with the United States.

Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

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