Don't blame OPEC, oil producer group says of Trump criticism

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

Iran's petroleum minister said that "political issues should not interfere in the crude market, and supply and demand should determine the final oil price".

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.

Abu Dhabi: Saudi Arabia has told Opec it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000bpd from the level it said it produced in May, Opec sources told Reuters on Thursday.

"We are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity", Brian Hook, the director of policy planning, said on July 2.

The oil sanctions come after OPEC and other supply-cutting countries agreed at a summit in June to reduce compliance from more than 150 per cent in May to about 100% starting this month.

Earlier this week, Trump lashed out at OPEC, accusing the oil organization of failing to help the USA to reduce domestic gasoline prices.

The president is right that oil prices are rising, and he's partly correct that OPEC is "doing little to help", insofar as OPEC isn't producing enough oil to cope up with market demand.

Thai cave rescue: All 12 boys and soccer coach freed
The drama in Thailand has even resonated as far as Russian Federation , where soccer's World Cup is reaching its final stages. Despite all the risks associated with the rescue, she says she never had any doubt that the boys would all make it out.

Money managers raised their bullish bets on U.S. crude in the week to July 3, the U.S. Commodity Trading Commission said on Monday. It said that the United States was "not granting waivers" to any country which was in business with Iran.

EU lawmakers gave approval on Wednesday for the European Investment Bank (EIB) to do business in Iran, overcoming a blocking attempt and keeping alive plans to save the 2015 nuclear deal with Tehran that Washington has abandoned.

The U.S.is reimposing sanctions on Iran, after President Donald Trump withdrew the U.S. from the Iran nuclear agreement in May.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility reduced flows into Cushing, Oklahoma, the delivery point for US futures.

The message also reads that "the Korean government is negotiating with the United States to get exemptions from the restrictions on Iranian oil purchases".

South Korea halted all Iranian oil shipments in July for the first time in six years amid U.S. pressure.

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