Saudis to pump 2mn more barrels of oil

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

Jahangiri's remarks came a day after Trump said that Saudi Arabia's King Salman had agreed to his request to ramp up oil production.

WITH Saudi Arabia expressing its ability to raise oil production by two million barrels in obedience to pressures from US President Donald Trump, there are fears that Federal Government's 2018 budget just recently signed by President Muhammadu Buhari may be in trouble.

But those moves may be tempered by an equal desire by the U.S. and other country for stable oil prices.

"In the near-term, the level of OPEC production - deployment of spare capacity by Saudi Arabia, Iraq, UAE, Kuwait (and ex-OPEC by Russia), and involuntary disruptions in Libya, Venezuela, Iran - are more important drivers of crude prices", Goldman Sachs said in a note published late on Monday. Trump continued, "prices too high!" And who is their big enemy?

In a briefing with reporters, that official said Washington probably would not grant waivers from secondary sanctions against foreign companies that continue to do business with Iran.

"And I have a very good relationship with the (Saudi) king and with the crown prince of Saudi Arabia and with the others around and they are going to have to put out more oil".

The leading OPEC member announced plans to pump a record-high 11 million barrels of oil per day in July, according to press reports.

After the U.S. withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November. "On balance, this leaves the oil market tighter than before, with less spare capacity". "OPEC is and they better stop it because we're protecting those countries, many of those countries".

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

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. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

Saudi Arabia now produces about 10 million barrels of oil per day.

Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks".

The president also had tough words for other United States allies.

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