Iran says Trump's oil ban on Iran is 'self harm' — SHANA

as mentioned in President Donald Trump's pressure on international firms not to buy Iranian oil will drive prices higher and end up hurting his own economy, a senior Iranian oil official said on Wednesday. Iran's OPEC governor, Hossein Kazempour Ardebili, said oil should not be used as a weapon or to make political gains, according to the Iran oil ministry news agency SHANA. "Trump's demand that Iranian oil should not be bought, and (his) pressures on European firms at a time when Nigeria and Libya are in crisis, when Venezuela's oil exports have fallen due to U.S. sanctions, when Saudi's domestic consumption has increased in summer, is nothing but a self harm," he was quoted as saying. "It will increases the prices of oil in the global markets," he said. "At the end it is the American consumer who will pay the price for Mr. Trump's policy," he added.

Shale giant says Permian oil faces shut ins on pipe shortage

His comments are the strongest indication yet that the growth in the red-hot shale region is about to slow down soon due to a lack of pipeline capacity. Permian production could remain flat for the next year because of pipeline restraints, Sheffield told a session of the OPEC conference. The lack of pipeline capacity will continue to cause severe dislocation in U.S. oil markets, Sheffield said. The Permian region is accounting for nearly half of the growth in U.S. oil production. The warning about shut-ins comes as some small companies move oil rigs away from the Permian into other shale basins that still have pipeline capacity.

Trump says Saudis will boost oil output

according to US President Donald Trump says he has received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets. Trump wrote on Twitter that he had asked the king in a phone call to boost oil production "to make up the difference...Prices to (sic) high! Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the nuclear deal between Tehran and world powers. If Trump's comments are accurate, oil analyst Phil Flynn said it could immediately knock $US2 or $US3 off a barrel of oil.

collected by :Frank Ithan