Saudi to raise oil production by 2mn BPD

American crude price jumps to four-year high on massive US inventory draw

But destabilizing OPEC could throw global oil markets into even greater turmoil than they've seen since Trump's election.

In a recent press conference, Indian foreign minister Sushma Swaraj said that India would only adhere to United Nations sanctions and not unilateral strictures placed by countries.

"We'll need more oil down the road and there'll be nowhere to get it", said Flynn, of the Price Futures Group. The Indian basket represents the average of Oman, Dubai and Brent crude. "This was managed between the two to rob the pocket of rest of the world".

"We feel that Iran is a traditional partner".

Senior US officials visited Europe this week and will head to the Middle East and Asia later to pressure countries to reduce their oil supplies from Iran.

China's yuan slipped to a new low against the US -dollar on Friday CNHUSD=R and despite a slight recovery was on course for its worst month on record, as the increasingly bitter trade row with the United States threatened to rattle the world's second-biggest economy. "At this moment we really don't know what to do, but at the same time we have to prepare ourselves to face any eventuality", said the source.

U.S. crude prices for the front-month contract jumped by just over 8% for the week, nearly 11% for June and rose over 14% for the second quarter.

Amid expectations that the proposed hike can not offset the global supply deficit, United States calling out to countries to cut imports from Iran, and supply disruptions propelled the rally in crude oil prices.

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"We already mobilized the Aramco machinery, before coming to Vienna", Saudi oil minister Khalid al-Falih said over the weekend.

In this scenario, Saudi Arabia, the UAE, Kuwait and Iraq are the main countries that have the capacity to increase production, she said.

Trump in May withdrew the United States from a 2015 agreement that curbed Tehran's nuclear capabilities and ordered the reimposition of USA sanctions against Tehran.

If the Saudis had agreed to Trump's request, "that means he is calling on them to walk out from OPEC", Iran's OPEC governor Hossein Kazempour Ardebili, said in an interview. Officials didn't immediately respond to a request for comment.

The US is demanding that all countries stop buying crude from Iran, OPEC's third largest oil exporter, by November, raising concerns over supply tightness.

Saudi Arabia, the world's top oil producer, could pump as much as 11 million barrels of oil per day in July, according to Reuters.

The market is not short of oil now. But, it still could continue imports if Iran accepts an alternative payment or offers a longer credit period.

Replacing Iranian oil will not be a problem but margins will be hit as Tehran offers the best commercial terms, another official said.

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