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

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

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.

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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.

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