Trump claims Saudi Arabia will boost oil production

Trump asks Saudi Arabia to increase oil production | TheHill

In a tweet on Saturday, Trump said King Salman bin Abdulaziz Al Saud had agreed to his request to boost production by "maybe up to 2,000,000 barrels".

The White House statement aligned with one by the state-run Saudi Press Agency saying that the king and Trump, in a phone call Saturday, discussed efforts by the oil-producing countries to compensate potential shortages in oil supply.

"In response to the President's assessment of a deficit in the oil market, King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance", the statement said.

The curbs were meant to help drain a global oil glut, a goal that has largely been achieved, though supply disruptions are now adding pressure to prices.

Non-OPEC member Russian Federation on June 23 also backed the effort, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch foes Iran and Saudi Arabia.

The output increases come as the United States has urged some OPEC members to raise output to compensate for supply losses caused by renewed USA sanctions on Iran.

Saudi authorities had no immediate comment.

Trump had blamed the Organization of Petroleum Exporting Countries (OPEC) for keeping oil prices high in the past while he was a businessman, and has recently reiterated his criticism against the cartel.

Japan ramped up purchases of Iranian crude after the end of sanctions, buying an average 172,216 barrels per day (bpd) in 2017, or around 5 million barrels a month.

JXTG Holdings recently bought 2 million barrels of West Texas Intermediate crude for arrival by September, according to three industry sources.

"Once you get above that level, we are into uncharted territory", said David Fyfe, chief economist at the Gunvor Group, a major trading house. Iran is a major supplier of oil to countries across the globe including India and China.

"They bring to bear economic pressure to separate the nation from the system. but six USA presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website, referring to Trump.

Iran's OPEC governor, Hossein Kazempour Ardebili, accused the United States and Saudi Arabia of trying to push up oil prices and said both countries are acting against the foundation of OPEC.

Saudi Arabia has the capacity to pump a maximum of 12.04 million barrels a day, according to the International Energy Agency. "This was managed between the two to rob the pocket of rest of the world".

The world's top oil exporter plans to pump up to 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russian Federation and other oil-producing allies to raise output by about 1 million bpd. "There is no way one country could go two million barrels a day above their production allocation unless they are walking out of OPEC".

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