Donald Trump, Saudi king discuss oil markets, no mention of production plans

Trump says Saudi king agrees to raise oil output by 2m barrels

Trump said King Salman"agreed to increase oil production amid turmoil in Iran and Venezuela

Last week, OPEC countries and other major oil producers that participate in the 2016 Vienna cut deal agreed during a meeting in the Austrian capital to increase production to 1 million barrels per day, that is the volume of the countries' overcompliance with the agreement.

"Any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute breach of the agreement", Zanganeh wrote in the letter seen by Reuters and reported by Iranian state media.

Saudi Arabia on Saturday confirmed that United States President Donald Trump and its King Salman have spoken about the stability of the oil markets, but made no mention of any deal for Riyadh to boost production. USA prices for retail gasoline at the moment have reached levels that haven't been matched in the past four years.

Trump's aim may be to exert maximum pressure on Iran while at the same time not upsetting potential United States midterm voters with higher gas prices, said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency.

Trump said Saturday that he had received assurances from King Salman bin Adulaziz Al Saud that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to rising prices.

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US President Donald Trump has said that Saudi Arabia King Salman has agreed to his request to increase oil production up to two million barrels a day.

OPEC agreed with Russian Federation and other oil-producing allies this month to raise output from July by about 1 million bpd.

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

Washington said last week it was asking customers in Asia and Europe to reduce Iranian oil purchases to zero from November, and that it will not grant any waivers to sanctions. Gasoline prices at the pump are also expected to rise as more Americans take to the roads in the middle of the peak summer driving season.

Trump's comments came Saturday as global financial markets were closed.

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"This is just simply not doable", said one senior Saudi oil official cited by the Journal.

Trump was not specific on whether the additional 2 million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd. Saudi Energy Minister Khalid Al-Falih indicated the group's action would add almost 1 million barrels a day to the market.

The price of Brent, the global benchmark hit $US79.23 on Friday at the close, up more than 2% on the day. Trump previous year chose Saudi Arabia for his first foreign trip. "The re-imposition of sanctions on Iran may have been factored into the rapid increase in oil prices in recent months", Iradian added.

Iran's OPEC governor, Hossein Kazempour Ardebili, accused the United States and Saudi Arabia of trying to push up oil prices and said both countries are acting against the foundation of OPEC.

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