Trump Claims Saudi Arabia Will Boost Oil Production

Iran to allow private sector to export oil, beat US sanctions

Iran to allow private sector to export oil, beat US sanctions

Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries".

King Salman briefed the cabinet on the telephone call he had received from President Donald Trump during which the two leaders confirmed the need to exert efforts to maintain the stability of oil markets and the growth of the world economy.

Saudi Arabia is said to have spare capacity of 2 million barrels per day, but it's not clear whether that much could be available immediately.

The deteriorating political situation in Venezuela and Iran, where major oil ports have been shut due to an internal power struggle could also cut global production and further increase prices.

"Your tweets have increased the prices by at least $10", Kazempour Ardebili said of Trump, according to news outlet SHANA.

The collective implied production ceiling for OPEC for this year is 32.78 million bpd, so even with the higher June production, the cartel's compliance rate is still above 100 percent-at 110 percent to be precise, down from 167 percent in May, the Reuters survey showed.

The White House has said the US will put those sanctions back into place. Adnoc, as the company is known, can pump as much as 3.3 million barrels of crude a day and will increase output capacity to 3.5 million barrels daily by the end of the year.

The recent strength in oil prices has in part been spurred by a USA announcement that it plans to reintroduce sanctions against Iran, OPEC's third-largest producer, from November, targeting oil exports. Keeping oil price around $70 per barrel serves both economic and political goal.

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However, with Saudi Arabia, leader of the OPEC and non-OPEC coalition agreeing to tighten supply breaking the agreement, there could be an avalanche from other countries like Russian Federation and Iran and Iraq already angling to increase its production.

"US oil diplomacy has at points in the past been highly successful in calming oil markets, and it has generally been more successful the quieter it has been", the analysts wrote.

'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.

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

Iranian oil exports - the world's sixth largest - have been of particular concern to global market stability.

"Further declines in US crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. The two main importers of Iranian crude are China and India; both of whom import around 400,000 BPD now.

The White House has backed off a tweet from President Donald Trump indicating he had convinced the king of Saudi Arabia to produce an extra two million barrels of oil per day.

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