Date :Monday, July 2nd, 2018 | Time : 12:10 |ID: 65517 | Print

Saudi king agreed to Trump’s request to boost oil production

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SHAFAQNA US President Donald Trump said in a tweet that he persuaded Saudi Arabia’s King Salman to increase oil output “maybe up to” two million barrel.

The world’s top oil exporter plans to pump as much as 11 million barrels per day (bpd) in July, an oil industry source has told Reuters, after the Organisation of the Petroleum Exporting Countries (OPEC) agreed with Russia and other oil producers to raise output by about one million bpd.

Mr Trump tweeted: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference … Prices to high! He has agreed!”

The Saudi authorities had no immediate comment.

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 a 2015 nuclear deal agreed between Iran and six major powers, calling it a “defective” agreement.

US officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, Straits Times reported.

This week, a US State Department official said Washington would work with countries on a case-by-case basis to try and stop them importing Iranian oil.

Oil cartel OPEC and Russia have agreed to raise output by around 1 million barrels per day (bpd), with Saudi Arabia planning to pump 11 million bpd in July.

Trump has recently taken to Twitter several times in recent months to criticise OPEC for failing to raise output.

In a meeting between Russia and OPEC earlier this month, Saudi Arabia and Moscow helped to convince the cartel’s members to raise production as countries such as the US, India and China – the major consumers of oil – complain about high prices, Middle East Eye reported.

China, the world’s top crude oil buyer, imported around 655,000 bpd on average from Iran in the first quarter of this year, according to official Chinese Customs data, equivalent to more than a quarter of Iran’s total exports.

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