Trump asks Saudi Arabia to increase oil production

Crude Oil

Crude Oil

In a tweet on Saturday, Trump said King Salman bin Abdulaziz Al Saud had agreed to his request to boost production by "maybe up to 2,000,000 barrels".

The group, which has curbed output since 2017 in an attempt to address a global supply glut, said it would return to 100 percent compliance with previously agreed output cuts, after months of underproduction, partly due to unplanned disruptions.

Trump implied on Twitter that he had asked the king in a phone call to increase oil production in hopes of greater supply bringing costs down in the U.S., which have risen since America stopped importing Iranian oil.

Khalid Al Falih, Saudi Arabia's energy minister, stated that the new agreement implies an output increase of one million barrels per day, while other Opec members indicated an increase of 500,000 to 800,000 bpd.

US President Donald Trump and Saudi Arabia's King Salman attend a signing ceremony at the Saudi Royal Court in Riyadh.

The administration has threatened key allies such as South Korea with sanctions if they do not cut off Iranian imports by early November. Every month, it usually buys around 5.5 million to 6 million barrels of oil from Iran. Total's chief executive Patrick Pouyanne said last month that it was unthinkable for any worldwide company to risk being excluded from the United States financial system - the penalty for buying Iranian crude beyond November 4.

The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day.

A JXTG spokesman would not comment on individual deals but said: "U.S. crude is one of the candidates for replacing Iran oil".

Wife of Capital Gazette victim remembers his dedication to journalism
It noted that Hiaasen was the brother of Carl Hiaasen, Miami Herald columnist and best-selling author. Acting Police Chief William Krampf of Anne Arundel County said the gunman "looked for his victims ".

Spurs Rumors: Kawhi Leonard willing to sit out, wait for Los Angeles
The Lakers were able to start out their offseason with a home run, as they have signed LeBron James to a four-year deal. And while he's not the best player in the NBA , Kawhi can still vault the Sixers to a formidable powerhouse in the East.

Mazda joins Toyota in decrying possible auto tariffs
GM says it has 110,000 employees working at 47 manufacturing locations and 25 parts and service facilities in the U.S. Toyota imported about 54% of its vehicles sold in the USA last year, or about 1.3 million units, according to LMC.

During the previous round of sanctions, India was one of the few countries that continued to buy Iranian oil, although it had to reduce imports as shipping, insurance and banking channels were choked due to the European and United States sanctions. John Browne, former BP chief executive and current chairman of L1 Energy Holdings, anticipated a drop of as much as 1.5 million bpd.

Russia, Iraq, the UAE and Kuwait jointly have another million barrels, so there is spare production of 3 million barrels a day.

Helping driving prices higher is President Trump and his administration who has been warning countries no to go on using crude from Iran (China will ignore than).

US oil output has remained near record levels, but the rig count, an indicator of future production, fell by four rigs in the latest week to 858, according to Baker Hughes. "He has agreed!" the tweet read.

OPEC and Russian Federation have said they will raise output to meet demand and replace crude from unplanned disruptions.

"Saudis are used to US requests for oil", Halff said.

The media outlet also reported that Swiss lender Banque de Commerce et de Placements told its clients it would stop financing Iranian oil cargoes by the end of June. Turkey stood at 9 percent and Italy at 7 percent. State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil and suggested some exemptions were possible.

Recommended News

  • Rescuers In Thailand Still Blocked From Reaching Boys Trapped In Cave

    Hopes were also high for finding some kind of access through fissures on the mountainside that might lead to shafts into the cave. A break in the rain eased flooding in the system of caverns and more experts from around the world joined the rescue mission.
    Arsenal sign Sokratis Papastathopoulos from Borussia Dortmund on long-term deal

    Arsenal sign Sokratis Papastathopoulos from Borussia Dortmund on long-term deal

    The Greek global has joined the Premier League side on a long-term contract for an undisclosed fee. "They said to me the best thing about this club is that it's one big family".
    'Girl from the Bronx' Ocasio-Cortez called out in fact check

    'Girl from the Bronx' Ocasio-Cortez called out in fact check

    Ocasio-Cortez, who identifies politically as a Democratic Socialist, also explained to Colbert how she defines that term. In another comment , Ocasio-Cortez accused Cardillo of attempting to strip her of her family, story , home and identity.
  • Could the USA  be heading out of the WTO?

    Could the USA be heading out of the WTO?

    U.S. tariffs on $34 billion of Chinese goods are set to take effect on 6 July and a further $16 billion could follow. The US would also forfeit any ability to overturn unfair trade practices in the WTO dispute-settlement system.
    Neymar shines as Brazil oust Mexico

    Neymar shines as Brazil oust Mexico

    Brazil won Group E with an unbeaten 2-1-0 record, while Mexico finished second in Group F despite a slight scare on the final day.
    Lakers Dodged A Bullet Missing Out On Paul George

    Lakers Dodged A Bullet Missing Out On Paul George

    George made the announcement at a party in Oklahoma City, where he was filmed and the video uploaded to Twitter by users. Kevin Durant , Paul George and Chris Paul all made quick decisions to stay put and remain in the Western Conference.
  • Former captain tips England to win World Cup

    Former captain tips England to win World Cup

    There is an optimism in the air that this time we won't exit the World Cup so embarrassingly, we might even go all the way. There's no squabbling in the camp, there's no cliques in the camp".
    William visits great-grandmother Princess Alice's Jerusalem tomb

    William visits great-grandmother Princess Alice's Jerusalem tomb

    Abbas's ruling Fatah faction in the West Bank on Saturday expressed its full support for the campaign against Trump's "deal of the century".
    Cristiano Ronaldo should play on for Portugal, coach urges after exit

    Cristiano Ronaldo should play on for Portugal, coach urges after exit

    Portugal lost 2-1, after briefly equalising in the second half, however, it wasn't their day and they're now headed home. Cristiano Ronaldo says it is "not the time" to discuss his worldwide future after Portugal's World Cup exit.
  • LeBron James Speaks to Cleveland GM as Free Agency Opens

    LeBron James Speaks to Cleveland GM as Free Agency Opens

    That year, his iconic block on Andre Iguodala was one of the defining moments of the Cavs' Game 7 win over the Warriors. After the Cavaliers lost the series last month in just four games, James would not be drawn on his future.
    Brazil vs Mexico, 2 July 2018

    Brazil vs Mexico, 2 July 2018

    In the third match, Mexico played against Sweden, needing just one point to qualify to the knockout stages of the World Cup . Brazil are now undefeated in Russian Federation and Mexico have not beaten the five-time World Cup winners since 2012.
    Hero golden retriever protects owner from rattlesnake attack, suffers bite on face

    Hero golden retriever protects owner from rattlesnake attack, suffers bite on face

    Paula Godwin said she and her dogs were out hiking in Anthem, Arizona when she nearly stepped on the venomous serpent. Todd, who is less than 1-year-old, jumped in front of his owner's leg and was bitten on his muzzle.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.