Trump asked Saudi Arabia to boost its oil production by 2M barrels
Trump asked Saudi Arabia to boost its oil production by 2M barrels
Trump Asks Saudi Arabia to Increase Oil Production
02 July, 2018, 23:32
The Organization of the Petroleum Exporting Countries (OPEC) countries and other major oil producers reached an agreement at the end of 2016 to reduce oil output by 1.8 million barrels per day compared to October 2016. Prices to (sic) high!
Trump said in a tweet he had asked the king for such an increase and the king had agreed.
Following a consolidation phase during the first half of the day, crude oil extended its rally in the NA session with the barrel of West Texas Intermediate rising above $74 for the first time since November 2014.
The Trump administration expects countries to zero out Iranian oil imports by November 4, and the State Department said it would be unlikely that anyone would be granted a waiver.
Later on Saturday, the official Saudi Press Agency (SPA) said King Salman had spoken to Trump on the need to maintain oil market stability and global economic growth, but gave no further details about an output rise.
Meanwhile Saudi state media reported that Salman and Trump held a phone call, and discussed the need to preserve oil market stability and the efforts of oil-producing countries to compensate for any potential shortage. "There is no way one country could go 2 million barrels a day above their production allocation unless they are walking out of OPEC", he said. A gallon of regular gasoline is now selling on average in the United States for $2.85, up from $2.23 a gallon previous year, according to AAA.
"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 Khamenei.ir, referring to Trump.
On June 27, US Ambassador to the United Nations Nikki Haley, who was on a three-day visit to India, told Prime Minister Narendra Modi that it was imperative for India to cut its dependence on Iran for oil.
In North America, an outage at Canada's Syncrude has locked in more than 300,000 bpd of production, and operator Suncor Energy (SU.TO) said it will probably last at least through July.
Iran expressed in the JMMC meeting that any unilateral production increase beyond Member Countries' commitments under the OPEC's decisions would prompt USA to take actions against Iran.
Saudi Arabia now produces about 10 million barrels of oil per day.
Worldwide oil markets also remained firm as looming sanctions by Washington against Iran are expected to lead to a sharp drop in supplies from the OPEC-member.
USA crude rose 62 cents a barrel to $74.08 by 1:22 p.m. EDT (1722 GMT), on track for a weekly rise of 8.2 percent. Against a backdrop of calls from the US, China, and India for more oil supply to stabilise the market, OPEC made a decision to raise output. This is one of Trump's plans to pressure the US' allies into cutting off funding to Iran. John Browne, former BP chief executive and current chairman of L1 Energy Holdings, anticipated a drop of as much as 1.5 million bpd.
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