Trump asks Saudi Arabia to increase oil production

Reuters reported earlier this week that Iran has been infuriated by a recent increase by the Saudis to 10.7 million barrels a day, and blamed USA interference on the increase. "Today, after losing hope in other methods, the enemy's plot is to create a rift between establishment and nation; that's foolish: they don't understand that establishment entirely represents nation".

President Trump requested that Saudi Arabia's King Salman boost his country's oil production by 2 million barrels in order to offset any potential shortages caused by turmoil and unrest in Iran and Venezuela. "It is highly doubtful", the group said.

Opec producers led by Saudi Arabia agreed with Russian Federation and other oil producers on June 22 to raise output by about 1 million bpd to offset declines from Iran and almost bankrupt Venezuela.

The leader of OPEC said it plans to pump a record-high 11 million barrels of oil per day in July, according to reports.

"I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels", Mr. Trump said in a tweet, citing a phone call with Saudi King Salman.

There was no immediate acknowledgment from the Saudi Royal Court that the conversation took place.

U.S. West Texas Intermediate and international-benchmark Brent crude oil are in a position to finish the week, month and quarter sharply higher. However, the price action on Friday suggests that buyers are still coming in and aggressively willing to chase this market higher.

"Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement", Rashidi told Arabic-language daily Al-Rai.

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However, Saudi Aramco CEO Amin Nasser told journalists in India on Monday that the state oil company has spare capacity of 2 million barrels of oil a day.

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

"Saudi Arabia obviously can deliver as much as the market would need, but we're going to be respectful of the 1-million-barrel cap - and at the same time be respectful of allocating some of that to countries that deliver it", al-Falih said then. South Korea accounted for 14 percent of Iran's oil exports previous year, according to the US Energy Department.

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.

The administration has threatened close allies such as South Korea with sanctions if they do not cut off Iranian imports by early November.

However, the push appears to have already faced resistance by Iran's major oil clients such as India and Turkey.

The State Department has said it expects the "vast majority" of countries will comply with the USA request.

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