President Trump gets Saudi Arabia to increase oil production

President Trump gets Saudi Arabia to increase oil production

President Trump gets Saudi Arabia to increase oil production

Washington said last week it was asking customers in Asia and Europe to reduce Iranian oil purchases to zero from November, and that it will not grant any waivers to sanctions.

The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day. At present, the USA is the second largest oil producer behind Russian Federation, and their inventories continued to be on a declining trend.

"Any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute breach of the agreement", Zanganeh wrote in the letter seen by Reuters and reported by Iranian state media.

Al Jazeera's Rosiland Jordan, reporting from Washington, DC, said "it is not unusual" for the White House to put pressure on OPEC members to increase oil output "mainly because the U.S. president is first and foremost concerned about the cost of gasoline and consumer fuels, especially in an election year" - the USA will hold midterm congressional polls in November.

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

Kuwait planned to raise oil output by 85,000 barrels per day starting on Sunday, part of an agreement between OPEC and non-OPEC producers to increase production by 1 million bpd, its Energy Minister Bakhit al Rashidi said on Saturday.

The US president says King Salman agreed, although that claim remains unconfirmed by Riyadh. Hence, OPEC and other non-OPEC countries could potentially plug any gap.

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Saudi King Salman bin Abdulaziz and Trump, in a phone call Saturday, discussed efforts by the oil-producing countries to compensate potential shortages in oil supply, the state-run Saudi Press Agency reported.

Shale oil production is at its peak in the United States, with refineries operating at its highest average capacity utilisation due to record worldwide demand. "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

Tracking global prices, domestic crude futures surged to its highest level since September 2014 recently. Prices also have risen with ongoing unrest in Venezuela and fighting in Libya over control of that country's oil infrastructure.

Saudi Arabia has a maximum sustainable capacity of 12 million bpd, but it has never tested that level of production.

The president's citation of high prices and "turmoil and dysfunction" in Iran and Venezuela has raised eyebrows among critics who have pointed to his own actions as causes.

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

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