President Donald Trumpsaid Tuesday he was pulling out of a multilateral deal that removed previous sanctions on Tehran in exchange for Iran abandoning its nuclear ambitions.
Anti-Iran sanctions could lead to a significant reduction of export of this state oil.
In effect, the United States agreed to implement tough sanctions, and Saudi Arabia agreed to limit the impact on oil prices. Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, has held.
The output agreement has already been extended twice, in May and December 2017, and is now scheduled to run until at least December 2018.
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OPEC is likely to insist the current agreement remains in effect, at least for now, but the prospective removal of several hundred thousand barrels per day of Iranian exports from the market will require a major adjustment. Since the Iran nuclear deal went into effect, its exports have risen to about 2.5 million bpd, from less than 1 million bpd.
Brent crude was trading about $77 at a 3-1/2 year high on Wednesday, raising concerns that prices were going too high too fast.
His tweet was seen by OPEC sources as the USA president's way to appease a domestic audience unhappy about a rise in gasoline prices.
OPEC, along with 10 non-OPEC members led by Russian Federation, are in the midst of a 1.8 million b/d supply cut agreement that is scheduled to run through the end of 2018.
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The U.S., which is one of the kingdom's most important military suppliers, has backed the coalition with logistical support.
All key crude oil futures contracts saw traded volumes jump as investors took new positions and refiners hedged to protect themselves from higher feedstock prices. Saudi Arabia has also imposed an air and sea blockade on Yemen.
OPEC's objective its still to reduce global oil inventories to an acceptable level and any adjustment in production targets should be done in a coordinated way, the OPEC source said.
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That strongly suggests an urgent situation has arisen, and the two leaders needed to discuss it ahead of Kim's meeting with Trump. It also followed Kim's dramatic train journey to Beijing in March, his fist known trip overseas since assuming power in 2011.