Trump Asks Saudi Arabia to Increase Oil Production

Trump says Saudi king agreed to raise oil production up to 2 million barrels

Trump claims Saudi Arabia will boost oil production

"Saudis are used to U.S. requests for oil", Halff said.

In the end, Saudi Arabia and Russian Federation pushed through a rise of about 1 million bpd at the Vienna meeting.

"We expect a rise in production from Russian Federation".

However, the agency did not say anything about an output rise as claimed by the president.

Trump told King Salman bin Abdulaziz Al Saud that the oil market could need more supply when the men spoke on Friday, the White House said.

Crude prices have risen 12% in the last two weeks as the USA has signalled it will aggressively enforce sanctions aginst Iran, Opec's third-largest oil supplier.

Meanwhile, Iranian oil production is expected to fall from the fourth quarter of 2018 as U.S. sanctions take effect.

President Donald Trump says he's pushing Saudi Arabia to ramp up its oil production and that the country has agreed. Hence, OPEC and other non-OPEC countries could potentially plug any gap.

In a morning tweet from his private golf club in Bedminster, N.J., Trump said he made the request during a conversation with Salman, citing the "turmoil" and dysfunction in Venezuela and Iran for driving up prices at the pump. These mainly include Saudi Arabia, Russia, the UAE, Kuwait, Iraq and Kazakhstan.

"This is a situation where U.S. shale oil production itself has dropped in the past few months and that drop in the inventory has pushed oil prices up", Jordan said. Russian Federation plans to increase output by more than 200,000 bpd. "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said.

But oil officials cited by The Wall Street Journal said it is debatable whether the kingdom would be able to raise output by the amount Trump suggested.

Iran's rial currency has lost up to 40 per cent of its value since last month, when Trump pulled out of the nuclear deal.

But production constraints and geopolitical factors have seen several nations exceed their restriction quotas, keeping about 2.8 million barrels off the market, according to OPEC.

Tracking worldwide prices, domestic crude futures surged to its highest level since September 2014 recently.

Saudi Arabia acknowledged in a statement published Saturday on the state-run Saudi Press Agency that King Salman had received a telephone call from Trump and that the two discussed the need to make efforts to "maintain the stability of oil markets".

"We believe that Saudi Arabia will particularly increase output over the summer to meet its seasonally higher demand and bring OPEC production to the target level".

The United States has been seeking to convince countries to halt imports of Iranian oil from November, when Washington will re-impose sanctions after pulling out of the deal aimed at halting Iran's nuclear ambitions.

Following the veinna meeting, Angolan Oil Minister Diamantino Azevedo said: "We have agreed". That's up around 17% from a year earlier (or 16.8% on a four week average basis).

Global oil prices, which ranged from between 40 dollars to 50 dollars a barrel in 2016, increased to about 50 to 60 dollars in 2017, and continued upward to 80 dollars in 2018.

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