OPEC and allies struggle to pump more oil as Iran supply falls

Oil price up as Trump calls OPEC to lower prices

Oil price up as Trump calls OPEC to lower prices

He also took the opportunity to remind Middle East allies that they would "not be safe for very long" without USA protection.

"The OPEC monopoly must get prices down now!"

But there is widespread disagreement on how the cartel and its allies should contain crude prices once USA sanctions banning Iranian oil sales take effect in November.

On Friday, a source familiar with the discussions told Reuters OPEC and its allies led by Russian Federation were considering the possibility of raising crude supplies by a further 500,000 barrels per day (bpd) as US sanctions on OPEC's third-largest producer, Iran, bite into Tehran's exports.

Elsewhere in his remarks, the Iranian minister expressed hope Sunday's meeting of the OPEC and non-OPEC monitoring committee in Algeria would not be impacted by Trump's threat.

Ahead of Sunday's meeting, Saudi Energy Minister Khalid al Falih maintained, while speaking to reporters, that the "markets are adequately supplied", insisting that OPEC does not control oil prices.

Trump wants Saudi Arabia to boost output to make up for the fall in Iranian exports because of the reimposition of United States sanctions. Trump wrote on Twitter. I don't know of any refiner in the world who is looking for oil and is not able to get it.

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Higher gasoline prices for USA consumers could create a political headache for Republican Trump before mid-term congressional elections in November.

"The biggest issue is not with the producing countries, it's with the refiners, it's with the demand".

Trump however, wants output increased by as much as two million barrels per day, as oil prices continue to rise in the United States amid high consumer demand.

Iranian oil minister Bijan Zanganeh described Mr Trump's tweet as "the biggest insult to Washington's allies in the Middle East".

Iran is expected to lose some 1.4 million barrels-per-day of supply as U.S. sanctions go into force November 5, while Venezuela and Libya also present supply risks, pushing up cost, according to market analytics firm S&P Global.

Zanganeh criticized any decision by the committee to allow a rise in output by producers.

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