Trump said he asked the Saudi king to crank up production by as much as 2 million barrels a day, which would bring Saudi Arabia's production close to its maximum capacity.
The current production curb pact calls for participating countries to trim output by 1.8 million barrels a day.
But oil officials cited by The Wall Street Journal said it is debatable whether the kingdom would be able to raise output by the amount Trump suggested. Expectations that this production increase won't be enough to stabilize these inventory levels are the primary driver behind last week's oil price surge.
Price increases have also been driven by Trump's decision to withdraw from the Iran nuclear deal and reimpose trade sanctions there.
The telephone exchange is another sign of how US-Saudi ties have improved under Mr Trump compared with the Obama administration, which alienated the kingdom by seeking a nuclear deal with Iran.
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. The leader of OPEC said it plans to pump a record-high 11 million barrels of oil per day in July, according to reports.
Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports.
Trump's claim on Saturday comes after the Organization of the Petroleum Exporting Countries (OPEC), a grouping of oil producing states that includes Saudi Arabia, already agreed to ramp up production by a million barrels a day at a meeting earlier this month. At meetings in Vienna on June 22-23, Opec and its allies cobbled together a delicate accord in order to satisfy some producers who wanted to limit output and others like the Saudis, which sought to ease away from the supply cuts. Oil prices also have risen with the ongoing unrest in Venezuela, as well as with fighting in Libya over control of that country's oil infrastructure. Saudi Energy Minister Khalid Al-Falih indicated the group's action would add almost 1 million bpd to the market. "While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", said Amrita Sen of consultancy Energy Aspects.
US officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement. But oil experts were cautious about whether that would actually reduce worldwide prices or raise anxiety further.
"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.
That's up about 55 cents from the same period a year ago, at a time Mr Trump's Republican Party is trying to hold on to its majorities in Congress in the November midterm elections.
However, investors are betting that Saudi regime "has little room to respond to a future crisis should it boost output even more to meet Trump's request, as Saudi Arabia only has about 2 million barrels of unused capacity", according to International Energy Agency.
Last year, about 36% of GM's US sales were imported, or about 1.1 million vehicles, according to research firm LMC Automotive. In addition to Canada, the European Union and Mexico are among those that have announced tariffs on U.S. goods in response.
He is a native of the state and starred at Texas A&M before being drafted by the Clippers with the 35th pick in the 2008 Draft. On Tuesday, the Clippers traded guard Austin Rivers to the Washington Wizards for center Marcin Gortat.
Although output growth is slowing, US crude production C-OUT-T-EIA is approaching 11 million barrels per day (bpd). Brent crude futures were at $76.60 per barrel at 0111 GMT, up 29 cents, or 0.4 percent, from their last close.
She said the duty of picking a justice is "one of the most important roles of a USA senator, and I don't take this job lightly". Below is the text of the letter Justice Anthony Kennedy sent to President Donald Trump announcing his retirement from the U.S.
The Pixel 3 XL is also expected to have dual front-facing stereo speakers, with one of the speakers being housed on the notch. These are the third generation of the Google Pixel smartphones and should be revealed in September this year by the company.
What just happened? Amazon has always been trying to lessen its reliance on delivery companies such as FedEx and UPS . Inc. ( AMZN ) is enlisting entrepreneurs to help deliver its packages to the homes of millions of US customers.
But the Cavaliers assembled a weak supporting cast around James last season and attempted to revamp the team the trade deadline. Coming off one of the best seasons of his career, James is one of the most sought-after free agents in the league's history.
Iran's Oil Minister Bijan Zanganeh said the refinery, once fully operational, would produce 36 million liters of petrol per day. On Monday, gold and jewellery traders shut down Tehran's Grand Bazaar to protest rising prices and poor business.
Argentina's narrow win over Nigeria on Tuesday has set up a tie against France in the first knockout round of the World Cup . No Arab sides in the last 16 and Tunisia manager Nahib Maaloul is not convinced things will improve easily.
11 members of a family found dead in Burari
Joint CP Delhi said that they are probing all the angles and are not ruling out anything now . The family owned a grocery shop near the local gurdwara and also run some furniture business.
Kawhi Leonard's birthday wish: A trade to the Lakers
There were reports of a "Godfather" offer from the Lakers that may have involved most, if not all of the assets I just mentioned. Recently, it's been suggested James would be willing to join the youthful Lakers without significant upgrades to their roster.
Trump narrows Supreme Court list, to name nominee July 9
And the Trump White House , while disorganized in other areas, made its relationship with the religious right a priority. While Kennedy was a conservative, he proved to be a somewhat unpredictable "swing" vote over his long career.
Oil price drops after Opec deal, but markets stay tight
The share prices of oil marketing companies ended sharply lower on Wednesday after crude oil prices jumped over $77 a barrel. Even though USA production is increasing, the ability to increase exports is being hindered by the lack of pipeline capacity.