Saudi Arabia ready to increase oil output

Saudi Arabia ready to increase oil output

During the call, the Saudi king and Trump emphasized the need to preserve oil market stability and efforts of oil-producing countries to compensate for any potential shortage, Saudi state media reported on Saturday. But the world oil market is already tight with unplanned disruptions in Canada, Libya and Venezuela removing supply.

But oil officials cited by The Wall Street Journal said it is debatable whether the kingdom would be able to raise output by the amount Trump suggested.

"Clarity will emerge in one weeks time", an official said.

Though the Opec didn't disclose country quotas in the recent announcement of 1bpd output hike, Bell sees there are a few countries with available capacity to raise production and any increase in production would be borne most significantly by Saudi Arabia, the UAE and Kuwait.

Saudi Arabia regulates its oil production in agreement with other members of the Organization of Petroleum Exporting Countries.

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

Investors are betting Saudi Arabia has little room to respond to a future crisis should it boost output even more to meet Trump's request, as Saudi Arabia only has about 2 million barrels of unused capacity, according to International Energy Agency.

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Opec producers and Russian Federation agreed to increase production but oil markets did not respond.

Whatever may have transpired between the US and the conservative kingdom, it's undeniable that petrol prices are on the rise in the US due to decreased production.

Global oil prices, which ranged from between 40 dollars to 50 dollars a barrel in 2016, increased to about 50 to 60 dollars in 2017, and continued upward to 80 dollars in 2018.

The United States has been seeking to convince countries to halt imports of Iranian oil from November, when Washington will re-impose sanctions after pulling out of the deal aimed at halting Iran's nuclear ambitions. The report says that ExxonMobil's priorities in Guyana "are focused on enabling local workforce and supplier development and collaborating with government to support the growth and success of its economy, both in the energy and non-energy sectors". That means its compliance with the production quota of 10.95 million was close to 95 per cent, same as in April. The nations agreed at a meeting in Vienna last with other OPEC members to modify earlier reductions in output.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the U.S. re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran and six major powers.

Saudi Arabia's plans to pump up to 11 million barrels of oil per day (bpd) in July would mark a new record, an industry source familiar with Saudi oil production plans told Reuters on Tuesday.

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