Trump pressures Saudi Arabia to increase oil production

US President Donald Trump In a tweet Mr Trump says Saudi Arabia has agreed to up output by up to 2 million barrels a day. SAul Loeb  AFP

North America's oil markets have tightened as an outage of Canada's Syncrude has locked in over 300,000 barrels per day (bpd) of production.

Before U.S. sanctions were enacted by the Obama administration in 2011, Japan imported about 9 percent of its crude oil from Iran; in 2017, that figure had dropped to 5 percent.

Saudi output in July is likely to show a further jump.

"If this happens, (it) means Trump is asking Saudi Arabia to walk (away) from OPEC", he told Reuters news agency.

A little over an hour later, the state-run Saudi Press Agency reported on the call, but offered few details.

However, nothing is certain at this point although the scales are tipped to the US: despite declarations that they will continue importing Iranian oil or actively seek waivers from the sanctions, a number of crude oil buyers from South Korea, India, and Japan have started cutting their shipments from Iran. An industry source estimated shipments had climbed to around 8 million bpd in the last two weeks.

Last week, members of the Organization of the Petroleum Exporting Countries cartel led by Saudi Arabia and non-cartel members agreed to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.

Oil prices hit $80 a barrel this year for the first time since 2014, prompting consumers like the United States to raise concerns.

Not Good: Samsung Phones Texting Photos to Random People
The issue isn't specific to one mobile carrier alone, and users from different operators reported the same problem. The seemingly misbehaving app is the default messaging tool on Samsung's Android devices.

"Europeans guarantee that Iran will be able to sell its oil, although Americans are considering their own measures in this regard (limiting Iran's oil sales)", Zarif said on June 24. "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.

"It basically leaves us with no spare capacity, at a time when Iran isn't the only issue", Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said in a Bloomberg television interview.

Iran expressed in the JMMC meeting that any unilateral production increase beyond Member Countries' commitments under the OPEC's decisions would prompt United States to take actions against Iran.

Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday accused Washington of trying to turn Iranians against their government.

Saudi Arabia, backed by non-member Russian Federation, had argued strongly in favor of increasing production as grumbles in major consumer countries like the United States, India and China have grown about high prices.

"They bring to bear economic pressure to separate the nation from the system. but six USA presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website Khamenei.ir, referring to Trump.

"The market will go up to $100 I am sure as Saudi Arabia said they will plan an increase for July. The rest depends on geopolitics, and those decisions will be taken based on the situations", he said.

Related News:



Most liked

Trump moves to block China Mobile's U.S. entry on security concerns
State-owned China Mobile applied to the US Federal Communications Commission (FCC) for a licence to do so in 2011. China and the USA continue to spar over larger trade issues, raising concerns of a looming global trade war.

Guy Pearce reflects on working with Kevin Spacey, calls him 'handsy'
Almost all of those alleged incidents, however, occurred years ago and fall beyond the one-year statute of limitations. The Los Angeles district attorney's office is also reviewing a sexual-assault case against the actor.

France, Uruguay enter quarter-finals
From the teams now left in the tournament, Brazil, Uruguay , England and France have already been champions. Uruguay had to withstand fierce late Portugal pressure as the European champions chased an equaliser.

Cristiano Ronaldo to move from Real Madrid to Juventus for £100million?
Ronaldo is ready to accept the Italian champions' eye-watering £26.5million-a-year contract, taking him up to the age of 37. The " Jugones " report said Juventus would offer to make Ronaldo the highest-paid player in their history at €30m a year.

Tina Turner's eldest son dies at age 59
The music legend is now living in Switzerland and is now making a rare visit to the Paris Fashion Week when she got the news. Craig was born in 1959 to Tina Turner and then-boyfriend Raymond Hill , a saxophonist for the Kings of Rhythm band.

USA seeking second Trump-Kim meeting in NY
John Bolton said top US diplomat Mike Pompeo will be discussing that plan with North Korea in the near future. Trump threatened nuclear war earlier in his presidency as part of his "maximum pressure" strategy .

Walmart sells shirts saying impeach Trump and 'Hillary for Prison'
So far, a total of four companies are manufacturing the t-shirts, which echo the expression often uttered by some Democrats. But once they're approved-a process that takes a few weeks-Walmart doesn't watch every item put up for sale.

England finally wins penalty shootout at World Cup
Jorgensen's miss in Sunday's penalty shootout led to Denmark's elimination from the tournament following a 1-1 stalemate at the Nizhny Novgorod Stadium.

Girl, 11, Married Off To Man, 41, In Thailand & Outrage Builds
The solemnisation was done in the presence of an Imam , her parents and witnesses as per the pictures that went viral. Between 2005 and 2015, 10,240 Muslims applied for child marriage to the Jabatan Kehakiman Syariah Malaysia.

How will the new tariffs affect your grocery bill?
Everybody said, 'Uh, can we get on to another subject?"' "I think NAFTA is dormant for the next six to 12 months". Some have already launched retaliatory measures and filed legal challenges with the World Trade Organization.

Two federal appeals judges top Trump's list for Supreme Court
Wade . "The dogma lives loudly within you", Democratic Senator Dianne Feinstein said to Barrett during the hearing. Trump nominated her for her current post, on the U.S. court of appeals for the seventh circuit, in 2017.

Malaysia's former ruling party UMNO elects new president
It said the accounts, belonging to 81 people and 55 companies, are thought to have received funds from 1MDB between 2011 and 2015. The National Front coalition that UMNO headed has since broken up after many component parties left.

Thai navy releases more videos of trapped boys
Men from the Electricity Generating Authority of Thailand overseeing the pumping of water from Tham Luang Cave. A video taken by the Thai Navy showed the boys sitting or standing on the rock above an expanse of water.

Arsenal have announced the signing of Borussia Dortmund defender Sokratis Papastathopoulos
He made 186 appearances for the club after joining from Werder Bremen in 2013, having also played for Genoa and AC Milan . Arsenal have announced the signing of Sokratis Papastathopoulos from Bundesliga side Borussia Dortmund .

Amazon Program Aims To Boost Delivery Services
Amazon's new program could rake $75,000 and $300,000 in annual profits for each entrepreneur. FedEx didn't immediately respond to a request for comment.