Prince Salman of Saudi Arabia has promised Donald Trump of boosting oil production
02 July, 2018, 07:09
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Saudi Arabia acknowledged the call took place, but mentioned no production targets.
At the same time, factional fighting in Libya is causing a large outage, while the oil output of Venezuela, once a major producer, has fallen by around 1 million barrels a day over the last two years, with further steep declines possible in the coming months.
United States retail unleaded gasoline prices, including taxes, averaged $2.833 a gallon for the week ended 25 June, according to the nation's Energy Information Administration.
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. Prices to (sic) high!
Later, the White House released a more cautious statement saying "the two leaders reaffirmed their dedication to a healthy and stable global energy market for the benefit of all nations".
The statement did not confirm that Saudi Arabia had agreed to the two million barrels a day figure.
The oil cartel OPEC has already signed off on a one million barrel a day increase. Any 2 million bpd-increase would thus be at least double market expectations.
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Saudi Arabia has the capacity to pump a maximum of 12.04 million barrels a day, according to the International Energy Agency.
The development comes days after Saudi Arabia, the world's biggest oil exporter, agreed to go all in with production.
Riyadh plans to boost output to 11 million bpd, the highest in its history, in July up from 10.8 mln in June, a source familiar with Saudi output plans told Reuters this week.
In the end, Saudi Arabia and Russian Federation pushed through a rise of about 1 million bpd at the Vienna meeting. "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. "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.
Since then, though, the Trump administration has upped the ante by signaling a tough line on closing down Iranian production.
Trump's aim may be to exert maximum pressure on Iran while at the same time not upsetting potential United States midterm voters with higher gas prices, said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency. At meetings in Vienna on 22-23 June, OPEC and its allies cobbled together a delicate accord in order to satisfy some producers, like Iran and Venezuela, which wanted to limit output, and others like the Saudis, which sought to ease away from the supply cuts.
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