Saturday, 17 August, 2019

Donald Trump says Saudis must compensate for drop in Iran oil supply

President Trump and King Salman of Saudi Arabia President Trump and King Salman of Saudi Arabia
Russell Knight | 02 July, 2018, 20:51

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on US ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. "Absolutely", the president responded when asked if the USA would sanction European countries that do business with Iran.

"He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November. "Of course. That's what we're doing, absolutely", he said.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

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Jahangiri said it was not that "simple".

"In this battle", he said, "any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason".

OPEC members agreed on June 22 to increase collective production by around one million barrels per day, in a context where oil prices have approximately doubled from a 2016 low.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement".

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

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