Trump, Saudi king agree to production boost to battle rising oil prices, and offset Venezuela, Iran

[The SC]

Trump, Saudi king agree to production boost to battle rising oil prices, and offset Venezuela, Iran supply woes

• President Donald Trump said Saudi Arabia had consented to a production boost to offset lost supply from embattled Iran and Venezuela.
• While Trump said Saudi Arabia would pump up to 2 million barrels of additional oil supply, a statement from the kingdom made no mention of an exact figure.

Published 8 Hours Ago Updated 6 Hours Ago Reuters


Bandar Algaloud | Courtesy of Saudi Royal Court | Reuters
Saudi Arabia's King Salman bin Abdulaziz Al Saud shakes hands with U.S. President Donald Trump during a reception ceremony in Riyadh, Saudi Arabia, May 20, 2017.


President Donald Trump said in a tweet on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels” to offset production from Iran and Venezuela.

The world’s top oil exporter plans to pump as much as 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russia and other oil producers to raise output by about 1 million bpd.

Trump tweeted: “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!”

Saudi King Salman and Trump emphasized the need to preserve oil market stability and the efforts of oil-producing countries to compensate for any potential shortage, in a phone call reported by Saudi state media on Saturday. However, the statement did not mention any intention by Saudi Arabia to raise production to 2 million barrels per day.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran and six major powers, calling it a “defective” agreement.

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!
— Donald J. Trump (@realDonaldTrump) 30 June 2018 " target="_self">TWEET
​

That agreement sought to curb Tehran’s nuclear capabilities in exchange for the lifting of some sanctions. Trump ordered the re-imposition of U.S. sanctions against Iran that were suspended under the accord.

U.S. officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs.

State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil.

China, the world’s top crude oil buyer, imported around 655,000 barrels a day on average from Iran in the first quarter of this year, according to official Chinese customs data, equivalent to more than a quarter of Iran’s total exports.

Oil analysts said OPEC producers may not be able to fully supply the market if Iranian oil is cut from the market.


https://www.cnbc.com/2018/06/30/tru...ed-to-his-request-to-raise-oil-productio.html

 

[MBT 3000]

master and puppet

 

[UzaySan]

saudi king and trump agreed ---> false

trump ordered saudi king to decrase oil price ---> true

 

[Saif al-Arab]

Great. More income for KSA and less income for a certain Arab-obsessed and failed regional entity

Warm greetings. Let the dollars rain on us all.

 

[SALMAN F]

Before Yemen war Saudis lowered the oil prices but now the going to increase production does the oil prices still low?

Great. More income for KSA and less income for a certain Arab-obsessed and failed regional entity

Warm greetings. Let the dollars rain on us all.

View attachment 483550

What did you but with that receipt?!
And where is that?!

 

[Saif al-Arab]

Before Yemen war Saudis lowered the oil prices but now the going to increase production does the oil prices still low?


What did you but with that receipt?!
And where is that?!

KSA (apparently) tried to destroy the shale oil industry in the US (speaking about puppet and master, lol). Nowadays oil matters much less for KSA, so KSA can easily take over an bigger share of oil exports even though (if it should happen) the oil prices would fall a bit. We won't see any 2015-2016 oil levels anytime soon anyway (I don't believe so).

Now the Iranian regime, most of their exports are reliant on oil due to the state of their economy and currency (which has a lesser value than toilet paper).

We bought too much. Just a whole lot of meat (lamb) and tons of fish.

Somewhere in Southern Spain. A well-known and quite beautiful destination than other Arabs often buy property in. The city has an Arabic origin name as most cities in the region.

BTW I don't care about the Iranian regime, just toying with the Arab-obsessed Iranian trolls on PDF who seem obsessed and shocked that KSA will take their market share. As if they would have done otherwise.

 

[Clutch]

Great. More income for KSA and less income for a certain Arab-obsessed and failed regional entity

Warm greetings. Let the dollars rain on us all.

View attachment 483550

Beautiful view!!!

 

[Saif al-Arab]

Beautiful view!!!

It's even better during the day.

Looks like something along those lines;













Not too far from Alhambra either;









"There is no conqueror but God"

I understand why our ancestors made it their home for almost 800 years. So much familiarity. Even the climate! It's hot here as well. Even for KSA summer standards!

 

[sputnik]

Trump, Saudi king agree to production boost to battle rising oil prices, and offset Venezuela, Iran supply woes

• President Donald Trump said Saudi Arabia had consented to a production boost to offset lost supply from embattled Iran and Venezuela.
• While Trump said Saudi Arabia would pump up to 2 million barrels of additional oil supply, a statement from the kingdom made no mention of an exact figure.

Published 8 Hours Ago Updated 6 Hours Ago Reuters


Bandar Algaloud | Courtesy of Saudi Royal Court | Reuters
Saudi Arabia's King Salman bin Abdulaziz Al Saud shakes hands with U.S. President Donald Trump during a reception ceremony in Riyadh, Saudi Arabia, May 20, 2017.


President Donald Trump said in a tweet on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels” to offset production from Iran and Venezuela.

The world’s top oil exporter plans to pump as much as 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russia and other oil producers to raise output by about 1 million bpd.

Trump tweeted: “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!”

Saudi King Salman and Trump emphasized the need to preserve oil market stability and the efforts of oil-producing countries to compensate for any potential shortage, in a phone call reported by Saudi state media on Saturday. However, the statement did not mention any intention by Saudi Arabia to raise production to 2 million barrels per day.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran and six major powers, calling it a “defective” agreement.

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!
— Donald J. Trump (@realDonaldTrump) 30 June 2018 " target="_self">TWEET
​

That agreement sought to curb Tehran’s nuclear capabilities in exchange for the lifting of some sanctions. Trump ordered the re-imposition of U.S. sanctions against Iran that were suspended under the accord.

U.S. officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs.

State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil.

China, the world’s top crude oil buyer, imported around 655,000 barrels a day on average from Iran in the first quarter of this year, according to official Chinese customs data, equivalent to more than a quarter of Iran’s total exports.

Oil analysts said OPEC producers may not be able to fully supply the market if Iranian oil is cut from the market.


https://www.cnbc.com/2018/06/30/tru...ed-to-his-request-to-raise-oil-productio.html

most probably this leads to cut down of buying Iranian Oil by India. India might need Chinese Help this time.
Will Buy Oil if see dip from Monday onwards

 

[The SC]

KSA (apparently) tried to destroy the shale oil industry in the US (speaking about puppet and master, lol). Nowadays oil matters much less for KSA, so KSA can easily take over an bigger share of oil exports even though (if it should happen) the oil prices would fall a bit. We won't see any 2015-2016 oil levels anytime soon anyway (I don't believe so).

Now the Iranian regime, most of their exports are reliant on oil due to the state of their economy and currency (which has a lesser value than toilet paper).

We bought too much. Just a whole lot of meat (lamb) and tons of fish.

Somewhere in Southern Spain. A well-known and quite beautiful destination than other Arabs often buy property in. The city has an Arabic origin name as most cities in the region.

BTW I don't care about the Iranian regime, just toying with the Arab-obsessed Iranian trolls on PDF who seem obsessed and shocked that KSA will take their market share. As if they would have done otherwise.

There will be no price decrease for Oil.. it is apparently heading towards $90 a barrel by the second quarter of next year according to Merril Lyinch..It is quite logical since there will be no excess Oil on the market, just some filling out the gap left by Iran , Venezuela and Libya to a certain extent.... the same volume will be kept on the market.. only suppliers' quotas will be changed..