Saudi king agrees to 'boost oil supply'

Saudi king agrees to 'boost oil supply'

In a statement issued Saturday night, the White House did not specify that Saudi Arabia would increase production but that "King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality".

In a morning tweet from his private golf club in Bedminster, N.J., Trump said he made the request during a conversation with Salman, citing the "turmoil" and dysfunction in Venezuela and Iran for driving up prices at the pump.

Trump says on Twitter Saturday that he asked Salman to increase oil production "to make up the difference.Prices to (sic) high!"

As Tehran seeks ways to counter USA sanctions that would restrict its exports and eat into its market share, Iranian Oil Minister Bijan Zanganeh wrote to his UAE counterpart, Suhail al-Mazrouei, who holds the OPEC presidency in 2018, urging him to remind OPEC members to adhere to last month's agreement.

Just a week ago, the Organization of the Petroleum Exporting Countries reached an agreement to gradually increase output by about 700,000 barrels a day to stabilize oil prices and offset lost production in Venezuela, where political and oil patch upheaval has led to a drop of exports. The State Department is now insisting that other countries stop importing Iranian oil - or face sanctions from Washington.

At the OPEC meeting last week, Iran's oil minister said that the cartel should not be influenced by Trump and should deal with supply and demand.

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The Clippers traded Blake Griffin to the Detroit Pistons last winter and Chris Paul to the Houston Rockets last summer . The New York Times' Marc Stein reports that the center will be the primary target for the Dallas Mavericks .

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So it'll be interesting to see how Croatia fare as heavy favourites against a team that will have little interest in attacking. The second of the three all-European ties in the Round of 16 at Russian Federation 2018 is happening for the first time.

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The penalties will add 25 percent to the cost of United States steel, and 10 percent to aluminum and consumer goods. It also included money to help affected workers learn new skills and provided support for work-sharing agreements.

While Venezuela's oil output has been in steep decline, the USA bringing back sanctions on Iran is seen as the real reason behind oil prices posting massive gains this week.

"They bring to bear economic pressure to separate the nation from the system. but six United States 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.

The development comes days after Saudi Arabia, the world's biggest oil exporter, agreed to go all in with production.

"Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement", Rashidi told Arabic-language daily Al-Rai. They also spoke about the efforts of producing countries to compensate for any potential shortage of supply, the statement said. The higher gas prices are a serious GOP concern as the midterm elections approach. Iran now exports around 2.4 million barrels a day of crude of which a million barrels or so could be at risk. At meetings in Vienna on 22-23 June, OPEC and its allies cobbled together a delicate accord in order to satisfy some producers, like Iran and Venezuela, which wanted to limit output, and others like the Saudis, which sought to ease away from the supply cuts.

Non-Opec member Russian Federation on June 23 also backed the effort, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch foes Iran and Saudi Arabia.

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