Million-barrel question: How GCC will benefit from Opec output hike

Ardebili

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction [sic] 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", the U.S. president wrote on Twitter on Saturday.

Trump wrote on Twitter that he had asked the king in a phone call to boost oil production "to make up the difference..."

Earlier in the day, Trump said that Saudi Arabia's King Salman has agreed to his request of raising the oil production "maybe up to 2,000,000 barrels" in order to bring prices down. Prices to high! He has agreed!

On 20 April he tweeted that oil prices were "artificially very high", saying this was "no good" and "will not be accepted!"

The ministers announced they would ramp up oil production by around one million barrels a day from July.

Saudi Arabia now produces some 10 million barrels of crude oil a day. The agency didn't say the leaders agreed and didn't make any reference to two million barrels.

In a morning tweet from his private golf club in Bedminster, N.J., Trump said he made the request during a conversation with Salman, citing the "turmoil" and dysfunction in Venezuela and Iran for driving up prices at the pump.

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"Saudi Arabia obviously can deliver as much as the market would need, but we're going to be respectful of the 1-million-barrel cap - and at the same time be respectful of allocating some of that to countries that deliver it", al-Falih said then. Brent crude stood at $79.42 a barrel, while USA benchmark crude was at $74.15.

"It's certainly easy to imagine a scenario at this point where oil prices hit $100 again this year", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University. "Russian Federation could increase its output by 300,000 bpd, while others [Kuwait, the UAE and Iraq] increase by 300,000 bpd", Iradian said.

The president had again blamed OPEC for high global oil prices on June 13.

On Saturday, Iranian Supreme Leader Ayatollah Ali Khamenei said the United States was trying to drive a wedge between Iranians and their government using "economic pressure".

Saudi Arabia along with other Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations, including Russian Federation, had agreed on June 22 to boost production by a combined 700,000 to 1 million barrels a day, so any 2 million bpd-increase would be at least double market expectations. "While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", said Amrita Sen of consultancy Energy Aspects. North America's oil markets have tightened significantly this week as an outage of Canada's Syncrude has locked in over 300,000 bpd of production.

"Because of (sanctions on) Iranian crude, we are looking at USA heavy crude" as a substitute, the source said, in particular grades such as Southern Green Canyon and Mars, which are similar to crude from Iran. Its record is 10.72 million barrels in a day.

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