Saudi Arabia agreed to raise oil output by up to 2 million barrels a day

 

Via Twitter, Trump indicated that his discussions with the Saudis centered on the need to reduce crude production to combat expected disruptions from output in major producers Iran and Venezuela.

The tweet read: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference… Prices to high! He has agreed!”

Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!

OPEC has teamed up with Russia and other major producers to restrain output—an effort that’s helped push crude back up to late 2014 levels.

Further amplifying crude’s run-up has been a decision by the Trump administration to pull out of a 2015-era nuclear agreement with Iran and reimpose sanctions on the country and could limit production. Political turmoil in Venezuela, a big producer of crude, also is contributing to richer prices.

 

Advertisements


Categories: Crude Oil

Tags:

14 replies

Trackbacks

  1. Major markets ended lower for the third straight week as U.S. trade policy took its toll on investor and business confidence. – Stock Market News Today
  2. Fears surrounding a potential trade war between the U.S. and other major economies continue to plague market sentiment around the world. – Stock Market News Today
  3. Top Stock Market News: The decline in China’s currency and the recent bout of pressure on its stock markets continue to set a cautious tone to trade, but US and European indices are rising, helped by supportive political developments closer to home. 
  4. Top Stock Market News: The decline in China’s currency and the recent bout of pressure on its stock markets continue to set a cautious tone to trade, but US and European indices are rising, helped by supportive political developments closer to home. 
  5. Asia-Pacific equities were broadly down on Thursday as investors looked towards the looming implementation of tariffs. – Stock Market News Today
  6. Global markets are bracing themselves as the deadline nears for the US to start imposing tariffs on $34bn of imports from China. – Stock Market News Today
  7. Stocks were broadly positive in Asia, after the S&P 500 index closed 0.7 per cent higher on Wall Street, boosted by gains for financials and industrials. – Stock Market News Today
  8. Stock Market News: Top 3 Things to Watch – Stock Market News Today
  9. The International Energy Agency warned on Thursday that spare oil production capacity risks being “stretched to the limit” as supply disruptions and US sanctions against Iran tighten the market. – Stock Market News Today
  10. The pound is falling after comments from US president Donald Trump suggesting the UK’s current Brexit plans would forestall a bilateral trade deal. – Stock Market News Today
  11. Stocks – U.S. Futures Flat Ahead of Corporate Earnings. Euro zone economic sentiment edges lower in July. Oil prices edge higher but trade row caps gains – Stock Market News Today
  12. OPEC and its allies reduced oil output in August as a drop in Iranian supply due to U.S. sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers. –
  13. OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the ma
  14. The U.S. said it would ensure crude markets are well supplied before sanctions are re-imposed on Iran and as President Donald Trump criticized high prices. – Stock Market News Today

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: