Trump asks Saudi Arabia to increase oil production

Trump asks Saudi Arabia to increase oil production | TheHill

Trump Asks Saudi Arabia to Increase Oil Production

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil and dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference.Prices to high! Prices to high! He has agreed!"

Trump and Salman reiterated their commitment to the strong United States-Saudi Arabia partnership across political, security, and economic fields.

Saudi Arabia acknowledged the call took place, but mentioned no production targets.

After the US State Department on Tuesday urged allies and companies to stop buying crude oil from Iran by 4 November, worldwide benchmark Brent crude gained 6.5 per cent and American benchmark West Texas Intermediate jumped 9.3 per cent between Tuesday and Friday.

Khalid al-Falih the Saudi Energy Minister, told CNN's John Defterios in an interview at the latest OPEC meeting that the demands by major consuming nations would be met, but he didn't expect the kingdom to add 2 million more barrels a day.

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

"We will be in uncharted territory". "While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", she said. "We now see these GCC countries increasing their output above their OPEC quota levels in the second half of 2018, supporting real GDP growth in their oil sectors", Malik said.

Trump's aim may be to exert maximum pressure on Iran while at the same time not upsetting potential U.S. midterm voters with higher gas prices, said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency.

Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the United States pulling out of the nuclear deal between Tehran and world powers.

Trump earlier this month blamed OPEC for oil prices being too high, reprising comments he made on Twitter in April.

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State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil.

Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday accused Washington of trying to turn Iranians against their government. At meetings in Vienna on 22-23 June, OPEC and its allies cobbled together a delicate accord in order to satisfy some producers, like Iran and Venezuela, which wanted to limit output, and others like the Saudis, which sought to ease away from the supply cuts.

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.

In recent weeks, worries about declining oil exports from Iran have been pushing up oil 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. "This strategy hinges on Saudi Arabia", Helima Croft, an analyst at RBC Capital Markets, said in an interview Friday.

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