Trump says King Salman 'agree' to crash oil prices

02 July, 2018, 05:08 | Author: Brooke Harris
  • Trump says King Salman 'agree' to crash oil prices

US President Donald Trump has said that Saudi Arabia King Salman has agreed to his request to increase oil production "maybe up to 2,000,000 barrels" to make up for a shortfall from Iran and Venezuela.

On 20 April he tweeted that oil prices were "artificially very high", saying this was "no good" and "will not be accepted!" His tweet Saturday came as many Americans were hitting the roads to begin an extended Fourth of July holiday.

"President Trump's reckless decision to pull out of the Iran deal has led to higher oil prices", Senate Minority Leader Charles Schumer, D-N.Y., said last month during a photo op outside an Exxon station.

The price of Brent, the global benchmark hit $US79.23 on Friday at the close, up more than 2% on the day.

Japan imported an 18-year high of 10.3 million barrels of US crude in 2017, but imports slowed sharply in the first five months of this year as USA spot crude prices were stronger than Middle East benchmark Dubai.

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.

Saudi Energy Minister Khalid al-Falih met with US Secretary of State Mike Pompeo in Washington on Thursday to discuss energy security.

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Since then, though, the Trump administration has upped the ante by signaling a tough line on closing down Iranian production.

Iranian exports have been running around 2.4 million barrels a day, according to the International Energy Agency. Traders worry that a major curtailment of Tehran's output could risk creating a supply crunch that might drive prices skyward. Its record is 10.72 million barrels a day.

Saudi Arabia is the world's largest exporter of crude oil, exporting 7 million barrels a day.

Jordan added: "It's noteworthy that the Saudis did not want to say that they are committed in any official output level, that they would be inclined to have any financial dealings with Iran in the face of any possible U.S. sanctions". "Can they really push above that quickly?"

Active oil rig use is easing - down for a second week last week to 858, a fall of 4. The International Energy Agency, the Paris-based group that represents consumer countries, recently estimated what it called "short order supply" from the Middle East, including Saudi Arabia, at 1.14 million barrels a day.

The curbs were meant to help drain a global oil glut, a goal that has largely been achieved, though supply disruptions are now adding pressure to prices. In Libya, the supply of up to 780,000 barrels of crude a day is at risk, according to analysts. venezuela's sliding output is also helping boost prices as the USA sanctions that country.

But OPEC's promises did not settle the markets, and crude oil futures have spiked since the meeting. But traders are concerned that all of these problems may add up to shortages down the road. Iran is a major supplier of oil to countries across the globe including India and China. The statement did not include any specific figures.

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