Published: Mon, July 02, 2018
Markets | By Noel Gibbs

Trump says Saudis must compensate for drop in Iran oil supply

Trump says Saudis must compensate for drop in Iran oil supply

But on Saturday, Trump wrote on Twitter that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela.

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

Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said, "Anyone trying to take away Iran's oil market [share] would be committing great treachery against Iran and will one day pay for it".

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"The (Iranian) government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said.

After the major oil producers got the desired price jump, they agreed this June to gradually raise output for fear of supply deficit on the market.

At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports.

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But members did not reach a decision "to assign any allocated production level of any member to others", Iran's oil minister Bijan Zangeneh said in a letter addressed to the oil cartel published by the ministry's Shana news agency.

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