No Wind-Down for China on Stopping Its Iran Oil Buys

Trump says Saudi Arabia, others agree to boost oil production

Saudi, UAE overstate their oil capacities: Iran oil minister

On Monday, when the Trump administration announced that the Iranian oil waivers would not be renewed, the president himself said that crude oil supplies from Saudi Arabia and its fellow OPEC nations are prepared and able to "more than make up" for supply losses due to us -imposed Iranian oil sanctions.

The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019.

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Brent for June settlement was down $2.60, or 3.5 per cent, at $71.75 a barrel on the London-based ICE Futures Europe exchange, just a day after topping $75. WTI saw a 1.2 percent weekly loss, breaking its six-week bull run.

The sting of the Trump administration's decision not to re-issue waivers on Iran oil sanctions faded on Friday with crude prices dropping more than 3% following comments from the U.S. president. "All are in agreement", Trump said on Twitter. His comments tend to have a temporary effect on the market. "Now, if we actually see evidence that OPEC is raising production, or says they'll do it right away, that could change things". "They were taking chips off the table at the first hint of bearish news".

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"Spoke to Saudi Arabia and others about increasing oil flow". Russian Federation said it plans to restore oil supplies via its key Druzhba pipeline to Europe in two weeks.

Two Trump administration officials refuted the rumors, saying neither a wind-down period nor a short-term waiver on China's oil purchases from Iran are being contemplated to their knowledge. But analysts fear the USA move - along with sanctions on Venezuela - will leave the world with insufficient capacity. Trump is now reapplying the oil sanctions, without exceptions, for reducing oil purchase.

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The U.S. rig count, an early indicator of future output, has fallen below year-ago levels when 825 rigs were active.

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