Iran looking for ways to export oil despite USA sanctions

Oil jumps as market anticipates U.S. sanctions on Iran

Oil jumps as market anticipates U.S. sanctions on Iran

Saudi Arabia acknowledged the call took place, but mentioned no production targets.

Trump tweeted: "Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction 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 ... Prices to high! He has agreed!"

A little over an hour later, the state-run Saudi Press Agency reported on the call, but offered few details. They also spoke about the efforts of producing countries to compensate for any potential shortage of supply, the statement said. It did not elaborate.

Vienna-based consultancy JBC Energy said the stronger the implementation and enforcement of USA sanctions, the higher the oil price will go. Prices have also risen given ongoing unrest in Venezuela, as well as with fighting in Libya over control of that country's oil infrastructure.

Saudi Arabia has a maximum sustainable capacity of 12 million bpd, but the world's top oil exporter and Organization of Petroleum Exporting Country's biggest producer has never tested that high level of production.

However, summer months in the United States usually lead to increased demand for oil, which would push up the price of gasoline in a midterm election year. South Korea accounted for 14 percent of Iran's oil exports a year ago, according to the US Energy Department.

Trump's comments came as global financial markets were closed.




Benchmark Brent crude jumped $1.49 to a high of $79.35 a barrel before easing back to $79.23 a barrel. "He has agreed!" Trump added, without specifying the timeframe for the increased production or whether his two million figure referred to barrels per day.

"Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement", Rashidi told Arabic-language daily Al-Rai.

Al Jazeera's Rosiland Jordan, reporting from Washington, DC, said "it is not unusual" for the White House to put pressure on OPEC members to increase oil output "mainly because the United States president is first and foremost concerned about the cost of gasoline and consumer fuels, especially in an election year" - the United States will hold midterm congressional polls in November.

The administration has threatened close allies such as South Korea with sanctions if they don't cut off Iranian imports by early November.

Oil prices increased Friday as US sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand.

However, the push appears to have already faced resistance by Iran's major oil clients such as India and Turkey.

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