The Saudis will pump the oil, says trump

Donald trump said that Saudi Arabia had agreed to his request to increase oil production to “maybe up to 2,000,000 barrels” to compensate for the sanctions impact Iran and Venezuela.

Mr. trump tweeted yesterday: “just talked to king Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I pray that Saudi Arabia will increase oil production, perhaps up to 2,000,000 barrels to compensate for the difference … prices are high! [so] he agreed!”

Trump administration is pushing other countries stopped importing Iranian oil, while it slapped last month for more trade sanctions against Venezuela.

OPEC has agreed with Russia and other oil producers to raise output by a million barrels a day earlier this month. Saudi Arabia, the world’s largest oil exporter, plans to Pump as much as 11 million barrels of oil a day next month, told Reuters a source in the industry.

Just spoke with king Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I pray that Saudi Arabia will increase oil production, perhaps up to 2,000,000 barrels to compensate for the difference…prices are high! He agreed!

— Donald J. trump (@realDonaldTrump) June 30, 2018

However, analysts warn that OPEC oil producers may not be able to supply the market fully, if Iran is cut.

The United States again imposed sanctions against the country since November last year, after Mr. trump has refused to participate in nuclear 2015 online calling it “defective” contract.

That was lifted some sanctions in exchange for Tehran limiting its nuclear capabilities.

However, Mr. trump ordered the re-imposition of U.S. sanctions that were lifted.

American officials insist the allies to stop buying oil from Iran and offered to work with them to reduce their imports from this country.

For example, in China, the world’s largest buyer of oil imports more than a quarter of total exports of Iran.

Trump administration hopes that pressure on Tehran would lead to further talks following the agreement to end its nuclear programs.

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