Saudi cabinet says ready to use spare oil capacity as needed

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.

Information provider Genscape said us crude inventories at the Cushing, Oklahoma, delivery hub had fallen in the week, traders said.

President Trump also touted the promise in a tweet Saturday. The White House has said the USA will put those sanctions back into place.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the USA withdrawing from the Iran nuclear deal.

Trump was not specific on whether the additional 2 million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00am EDT due to the Independence Day holiday in the United States. While the comments were ambiguous, Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile USA action.

US crude futures CLc1 were up 19 cents at $74.33 a barrel, within sight of Tuesday's 3-1/2-year high above $75 a barrel.

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday.

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The early gains came after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions.

Some key countries are reliant on Iranian oil imports, including India and Turkey.

Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November.

"There seems to be great uncertainty about how much oil will be added to the supply side of the market", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut, referring to how much Saudi Arabia's spare capacity will be able to offset shortages around the world. Analyst expectations were for a draw of 1 million barrels.

Oil production, prices and politics require a delicate balance.

While OPEC leader Saudi Arabia will pick up the slack, Morgan Stanley believes oil markets will be undersupplied by around 600,000 in the second half of 2018. "Of course. That's what we're doing, absolutely", he said.

The president also had tough words for other USA allies.

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