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

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

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.

"Don't forget the one negative to the Iran deal is that you lose a lot of oil, and they got to make up for it".

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.

"We are confident that there is sufficient global spare oil production capacity", he added.

"We're not granting waivers", the official said.

On May 8, President Donald Trump officially withdrew the USA from the UN-endorsed nuclear agreement and threatened Iran with worst sanctions.

The contract on Friday touched a high of $74.46, which was the highest since November 2014, rallying on concerns that US sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. Three members of the Organization of Petroleum Exporting Countries - Libya, Iran and Venezuela - are posting real, or have expected, production declines.

LeBron James moves to the LA Lakers: Social media reactions
By opting out, the 76ers, Cavaliers and Los Angeles Lakers appear to be his likely destinations in free agency. The four-time MVP's max salary would be $152 million over four years if he signs with another team.

The price of United States crude rose to its highest price since 2014 this afternoon before sharply falling, sparking panic and warnings.

Iran shipped out over 2 million barrels per day of oil previous year, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.

They agreed to bring down overcompliance with the cuts, resulting in an output increase of one million barrels a day, according to the Saudi energy ministry. "We are also working with oil market participants, including producers and consumers, to ensure market stability". Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

Trade tensions are likely to overshadow that trip. All comments are subject to editorial review.

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