Trump says Saudi agreed to raise oil output by 2 million barrels

Trump speaks to the press aboard Air Force One en route to Bedminster New Jersey from Joint Base Andrews

Saudi Arabia along with other Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations, including Russian Federation, had agreed on June 22 to boost production by a combined 700,000 to 1 million barrels a day, so any 2 million bpd-increase would be at least double market expectations.

OPEC agreed with Russian Federation and other oil-producing allies this month to raise output from July by about 1 million bpd.

The average per-gallon price for gasoline in the United States was $2.85, a jump of 63 cents from a year ago, according to AAA.

Moreover, increased production by GCC countries will also reduce any market fears of further supply shortages especially as Iranian sanctions take hold in November.

Donald Trump says he's had a promise from Saudi Arabia that it'll ramp up oil production, by as much as two million barrels a day.

Saudi authorities had no immediate comment.

In recent weeks, worries about declining oil exports from Iran have been pushing up oil prices. "We will do whatever is necessary to keep the market in balance", the Saudi energy minister, Khalid Al-Falih, told journalists at OPEC headquarters in Vienna at the end of the meeting, with Russia's energy minister Alexander Novak seated at his side.

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

North Korea plotting to keep arsenal
The Financial Times reported that Pompeo hopes to visit Pyongyang in the second week of this month. I got along really well with Chairman Kim.

Six West Nile samples found in four Valley counties
The mosquitoes were collected off North Spring Court, near Campbell and Jupiter roads, according to Garland health officials. Saskatchewan's last major West Nile outbreak occurred in 2007 when just over 70 serious cases were reported.

Manchester United set to enter race for Liverpool target Fekir
Mundo Deportivo says the Reds have made a sensational offer to bring Asensio to Anfield. "Everything is possible. In the meantime, he remains a popular figure in the transfer market, with Liverpool hot on his heels.

According to The Wall Street Journal, a high-ranking Saudi official said that the kingdom made no concrete promises to Trump but assured him of its ability to satisfy the market's demands.

Oil analysts said OPEC producers may not be able to fully supply the market if Iranian oil is cut from the market. Average prices for unleaded gas, including taxes, averaged $2.83 a gallon for the week ending June 25 - up about 55 cents over the same period a year ago.

"Once you get above that level, we are into uncharted territory", said David Fyfe, chief economist at the Gunvor Group, a major trading house. The kingdom pumped slightly more than 10 million barrels a day in May.

"Saudis are used to United States requests for oil", Halff said.

Russia, Iraq, the UAE and Kuwait jointly have another million barrels, so there is spare production of 3 million barrels a day.

In the tweet, Trump said the extra Saudi oil would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.

The current production curb pact calls for participating countries to trim output by 1.8 million barrels a day.

"I guess the Saudis want to give the confidence to Trump to go very hardcore on Iran", tweeted the oil market's most vocal bull, commodities hedge-fund manager Pierre Andurand.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump told what will speak with Putin
Jul 02, 2018 - 04:08
However, Putin and Trump talked on the sidelines of the forum and adopted a joint statement on Syria. Asked about lifting of sanctions on Russia, Mr Trump appeared to be non-committal.

isis-killer-beheading-video-story-top #WC2018: Putin put no pressure on Russian Federation to beat Spain
Jul 02, 2018 - 02:47
There was another shock in the World Cup as Spain crashed out of the competition against Russian Federation . We will be back at big tournaments again.

isis-killer-beheading-video-story-top After a scarce supply in 2016, the NES Classic is available again
Jul 02, 2018 - 02:42
GameStop was first to offer the NES Classic Friday at midnight Eastern, followed by Best Buy and Think Geek. Regardless of whether you buy the system in-store or online, consoles will be limited to one per customer.

isis-killer-beheading-video-story-top Immigration protests: Thousands rally to condemn Trump policies
Jul 02, 2018 - 02:12
The result was the separation of adults from their children in separate facilities. "Zero chance, it will never happen!" One protester was arrested after "unwanted contact with a Trump supporter", Orlando Police Lt.

isis-killer-beheading-video-story-top Croatia through to quarterfinals after penalty shootout win over Denmark
Jul 02, 2018 - 01:54
Luka Modric's Croatia are in action at the Nizhny Novgorod Stadium this evening, where they'll face Christian Eriksen's Denmark . Croatia have beaten Denmark in a penalty shootout to advance to the Fifa World Cup quarterfinals at Russian Federation 2018.

isis-killer-beheading-video-story-top China tries to defuse trade pressure, says world benefits
Jul 01, 2018 - 10:35
The US dollar was broadly steady against a basket of currencies at 94.661, after bouncing from 94.171 on Tuesday. CURRENCIES: The dollar edged down to 110.18 yen from 110.20 Japanese yen in late trading Wednesday.

isis-killer-beheading-video-story-top DOJ charges hundreds for healthcare fraud amid opioid crackdown
Jul 01, 2018 - 10:20
Those charged were accused of cheating federal health programs, including Medicare and Medicaid, through false billing practices. Coleman announced indictments against 10 people - including three health care providers - in six separate Kentucky cases.

isis-killer-beheading-video-story-top Lakers Dodged A Bullet Missing Out On Paul George
Jul 01, 2018 - 09:56
But it was clear the organization liked Grant and preferred to have him on board. After months of speculation, the start of free agency is almost upon us.

isis-killer-beheading-video-story-top Sweden coach Janne Andersson refuses to gloat as Germany crash out
Jul 01, 2018 - 08:23
For Augustinsson, 24, who plays in Germany for Werder Bremen, it was his first goal for his country and "a dream come true". Reigning champions Germany were stunned 2-0 by South Korea in Kazan, bringing a shock early end to their campaign.

isis-killer-beheading-video-story-top Swingman Paul George Lists Celtics As Possible Destination For Him
Jul 01, 2018 - 08:15
He has a tough decision to make between the Lakers and Thunder , but at this point in time, B/R believes he will end up in L.A. The Thunder traded for him anyway, hoping they could convince him to stay after a season there.

isis-killer-beheading-video-story-top LeBron James returns to LA hours before free agency opens
Jul 01, 2018 - 07:53
James is a 14-time All-Star, a 14-time All-NBA selection, six-time All-Defense selection, a four-time MVP and three-time champion. Gilbert and James mended some fences for his return in 2014, but they remain distant other than a shared commitment to winning.

isis-killer-beheading-video-story-top Warriors All-Stars are lobbying for Jamal Crawford signing in free agency
Jul 01, 2018 - 07:42
He shot 51 percent from the field, 42 percent from 3-point range and 89 percent at the charity stripe in 68 games. Golden State has discussed pursuing the 27-year-old guard in free agency, according to a report from USA Today .

isis-killer-beheading-video-story-top Warriors Will Pursue DeAndre Jordan
Jul 01, 2018 - 07:25
Despite trade speculation past year , the Clippers kept Jordan and narrowly missed out on making the playoffs. Jordan and the Mavericks are not allowed to negotiate a deal until free agency officially begins on Sunday.

isis-killer-beheading-video-story-top Chelsea eye Donnarumma as an alternative to Alisson
Jul 01, 2018 - 06:57
Real Madrid forward, Marco Asensio, has refused to rule out a big-money move to Liverpool , after the 2018 World Cup ends. Real Madrid want to replace their current No 1 Keylor Navas and Courtois is known to be one of their primary targets.

isis-killer-beheading-video-story-top 5 dead in newsroom shooting
Jul 01, 2018 - 06:46
Ryan Frashure said officers arrived within about 60 seconds and took the gunman into custody without an exchange of gunfire. The newspaper said two other employees had non-life threatening injuries and were later released from a hospital.