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Saudi Arabia confirms call with Trump on oil market stability

02 July, 2018, 07:10 | Author: Melinda Barton
  • India Considers Cuts to Oil Imports from Iran

The nations agreed at a meeting in Vienna last with other OPEC members to modify earlier reductions in output. That's highly ironic because Trump had been whingeing about higher oil prices and urging higher production.

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

A week ago OPEC and its allies including Russian Federation agreed to boost supplies, easing curbs in place since the start of 2017.

Although high oil prices benefit the United States shale oil producers to ramp up their output and increase their revenues, Trump is also believed to prefer keeping prices low for American consumers at pumping stations before the mid-term elections in November.

U.S. officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs. "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.

US President Donald Trump said he persuaded Saudi Arabia to consider steps that would boost oil production, a move that would stretch the world's biggest exporter to the limit and threaten to blow up a fragile truce agreed by OPEC last week.

The ministers announced they would ramp up oil production by around one million barrels a day from July.

"If we take 2 million barrels of oil off the market, what is going to be left in the tank?" "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said.

It was not immediately clear what level of production Trump was referring to or by when.


Trump wrote on Twitter that he had asked the king in a phone call to boost oil production "to make up the difference..."

These three countries have around 2.75 million bpd of spare capacity, accounting for around 85 per cent of the OPEC's total, according to International Energy Agency estimates.

Oil prices hit $80 a barrel this year for the first time since 2014, prompting consumers like the United States to raise concerns.

The price of crude has been on a wild ride over the past few months.

The statement reported by Saudi media did not mention any intention by Saudi Arabia to raise production by 2 million bpd.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers, against the advice of allies in Europe and elsewhere.

Benchmark Brent crude was trading around $79 a barrel on Friday.

Iradian sees the recent oil deal would leader to slightly lower oil prices towards the end of 2018 and in 2019. That's up around 17% from a year earlier (or 16.8% on a four week average basis).

"The Trump support base is probably the part of the US electorate that will be the most sensitive to an increase in USA gasoline prices", Halff told the Associated Press.

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