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Oil deal may ‘stir the pot’ in the Middle East and test Saudi capacity

Jonathan Ernst | Reuters
Saudi Arabia’s King Salman bin Abdulaziz Al Saud (2nd L) welcomes U.S. President Donald Trump to dance with a sword during a welcome ceremony at Al Murabba Palace in Riyadh, Saudi Arabia May 20, 2017.

https://www.cnbc.com/2018/06/30/oil-deal-may-stir-the-pot-in-the-middle-east-and-test-saudi-capacity.html

• The U.S. and Saudi Arabia struck a side deal to boost oil supply by 2 million barrels per day, according to President Donald Trump.
• Analysts say that deal could prove a challenge to Saudi’s spare oil supply, and ‘stir the pot’ in the volatile Middle East.
• In particular, Iran and Venezuela are both reeling economically, with Tehran feeling the bite of new sanctions.

Javier E. David | Patti Domm
Published 10 Hours Ago Updated 10 Hours Ago

An impromptu agreement between the United States and Saudi Arabia to add more supply to increasingly tight oil markets is perceived as a test of the kingdom’s ability to pump more crude — and could further antagonize Iran and Venezuela, as both countries grapple with deteriorating conditions in their respective economies.

Barely a week after OPEC‘s decision to ramp up oil supplies, President Donald Trump surprised the world on Saturday by announcing a new side agreement with the Saudis to smooth over supply shortages from crisis-hit producers, Iran and Venezuela. Both countries resisted the oil cartel’s decision last month’s agreement, even though OPEC demurred on how much it would boost supply.

The president and King Salman agreed that Saudi Arabia would add more output to a market that’s seen crude shoot to its highest level in more than 3 years above $74 per barrel.

According to Trump, the world’s largest oil producer will inject up to 2 million barrels a day to world oil markets — a figure Saudi officials did not immediately verify in a readout confirming the call between Trump and Salman.

Gas prices have risen in tandem with crude, ramping up political pressure on Trump as he fights a multi-front trade dispute that has roiled markets and threatens the global growth outlook.

…(read more).