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Higher oil prices due to US sanctions will hurt economic growth in China, Europe and other consumers, as well as President Donald Trump's trade measures, a senior Iranian official said on Thursday. Hossein Kazempour Ardebili, the governor of OPEC in Iran, also mentioned that the increase in oil production of the cartel and its allies, after Trump's pressure, was only 170,000 barrels per day (bpj) in June. and that it would not grow much more in 2019, which would also weigh on economic expansion.
While Trump accused the Organization of Petroleum Exporting Countries of increasing prices, Iran – the third largest producer of OPEC – considers that the United States have generated the increase by imposing sanctions on Tehran and other members of the group such as Venezuela.
They will spend more on energy
. The oil caused by Trump is causing an increase in energy spending in the EU, Japan, China and India, affecting their economic growth as well as the tariffs imposed on them, and allowing the economy to recover. Saudi Arabia and the UAE to pay for their arms purchases The comments highlight the tensions still in place after the OPEC meeting last month, when the group agreed to return to full compliance with the cuts in pumping mandated last year, after months of production decline of some cartel members, including Venezuela.
Saudi Arabia noted that the pact allowed countries capable of producing more, like them, to go ahead and compensate for shortages elsewhere. Iran is strongly opposed and has criticized Saudi plans to increase production.
Kazempour added that Trump would be unhappy with the scale of the increase in pumping up here, and was skeptical about the capacity of Saudi Arabia and Russia to get the job done. add a lot more oil. in 2019.
Crude falls in New York, but recovers in London
Oil prices in London rose while in New York they further declined, affected by the trade war between China and the United States, as well as the reopening of oil terminals in Libya.
The Brent barrel of the North Sea for September closed at $ 74.45 at the London Intercontinental Exchange, up 1.43% and gained $ 1.05 since Wednesday's close.
in the New York Mercantile Exchange, a barrel of light sweet crude (WTI) for the August contract fell 0.07%, lost 5 cents to 70.33 dollars.
The day before, Brent had its worst session in two and a half years, down 6.92%, while WTI lost 5.03%, its biggest drop in a year.
Yesterday, Mexican oil exported down $ 1.04 a barrel or 1.58% it was sold at $ 64.95 per barrel.
For its part, the price of gasoline in the United States recorded an advance of 0.50%, to 2.0717 dollars per gallon. However, in July, it is down 4.93%.
"These sales were caused by trade tensions between the United States and China, as well as the recovery of Libyan exports," said Giovanni Staunovo, an badyst at UBS. 19659002] "China and the EU account for one-third of world demand If their economies are slowed by a trade war, it should have an effect on oil prices," said London Capital badyst Jasper Lawler Group. (With information from AFP and Notimex)
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