Tehran blames rising prices on USA sanctions imposed on Iran and Venezuela, founding members of the cartel.
Considering that the U.S.is pushing for "zero" Iranian oil exports and is pressing other countries to stop importing Iran's oil, Tehran may not have many countries left to trade with.
They say this is to create greater stability in the market and the domestic economies of member states and to ensure a fair return for investors in the oil industry.
The demands to increase production are aggravating tensions between the US and some OPEC members. Inventories rose 1.25 million barrels last week, the first rise in four weeks, according to data from the Energy Information Administration.
The sanctions would include a universal ban on Iran over buying or acquiring USA dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.
"On China, India - yes, certainly". "And yes, we will certainly be requesting that their oil imports go to zero, without question".
In spite of these measures to replace disrupted supplies, Goldman Sachs said in a July 4 note to clients that "the market will remain in deficit" in the second half of the year.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account.
Trump said the agreement was reached after a phone call with the Saudi King about oil production but mentioned no specifics. Prices to (sic) high!
Cutting Iran out from oil trading comes amid other disruptions.
The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".
"If Libya's oil doesn't return fast to the market it will be an important test to OPEC's spare capacity, especially given that output from Venezuela and Iran is expected to fall significantly in the next couple of months", he added.
Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of a year ago, amid a structural underinvestment in the country. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran.
Both leaders also discussed "efforts by the oil-producing countries to compensate for any potential shortage in supplies", SPA reported.
Top exporter Saudi Arabia told OPEC it raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.
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Buyers of Iranian crude oil have been hoping for relief from US sanctions in order to have more time to reduce purchases. Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran.
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