Trump says Saudi Arabia will boost oil production


The telephonic call between Trump and King Salman on Friday assumes significance in view of the increasing global oil prices and USA asking countries to stop purchasing oil from Iran.

Saudi Arabia says that King Salman has spoken to President Donald Trump, but gave no mention of the 2 million barrels of extra production the American leader tweeted about earlier in the day.

"In response to the approval of the President (trump - if) on the deficit in the oil market, king Salman affirmed that the Kingdom has a reserve production of 2 million barrels per day, which can be used if necessary to stabilize the market", - reads the statement released by the White house.

The White House statement undercut a tweet by Trump earlier in the day when he wrote that Saudi Arabia had definitely agreed to produce more oil.

Oil prices have spiked in the past week, and on Thursday crude rose above $74 a barrel for the first time since late 2014.

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The US government has threatened with sanctions all the companies in the world that starting next November 5 continue doing business with Iran, which includes oil purchases.

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.

If Saudi Arabia were to respond to Trump's request, it would stretch spare production capacity to the limit, meaning that any supply outage could have an out-sized effect on oil prices. The agency reported that the leaders reaffirmed their commitment to maintaining stability of the oil market and the global economic growth. With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially Very High! But he said it's unlikely that decrease could sustain itself as demand spikes, leading prices to rise by wintertime. "Need to keep prices down!"

Malik expects some moderation in the oil price in the coming months as GCC countries raise their production levels to bring group compliance levels to 100 per cent.

Oil production by the countries of the Organization of the Petroleum Exporting Countries has dipped because of supply disruptions in Iran, Venezuela and Angola, driving prices to near $80 a barrel.

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Meantime, a major oil producer in Canada suffered a power outage, disrupting the flow of crude to the United States, and outages in Libya and Angola further reduced global supply.

Iranian exports have been running around 2.4 million barrels a day, according to the International Energy Agency. These mainly include Saudi Arabia, Russia, the UAE, Kuwait, Iraq and Kazakhstan.

Riyadh plans to boost output to 11 million bpd, the highest in its history, in July up from 10.8 mln in June, a source familiar with Saudi output plans told Reuters this week.

FGE, an energy consultancy, said in its June newsletter that the USA is determined to "push Iran's exports to zero".

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