Trump claims Saudi Arabia has agreed to boost oil production amid turmoil

US President Donald Trump said on Saturday that Saudi Arabia's King Salman had agreed to his request to ramp up oil production, a week after OPEC already announced an output rise.

"Due to the possibility of USA sanctions against Iran, the committee will study the competence of buyers and how to obtain proceeds from the sale of oil, safe sale alternatives which are consistent with global law and do not lead to corruption and profiteering", Fereydoun Hassanvand, head of the parliament's energy committee, was quoted as saying by IRNA, Reuters reported.

"He has agreed!" Mr. Trump tweeted from his private golf club in New Jersey.

Investors are betting Saudi Arabia has little room to respond to a future crisis should it boost output even more to meet Trump's request, as Saudi Arabia only has about 2 million barrels of unused capacity, according to International Energy Agency.

That agreement sought to curb Tehran's nuclear capabilities in exchange for the lifting of some sanctions.

Iran pumps about 4.7 million barrels per day (bpd), or nearly 5 percent of total output, much of it to China and other energy-hungry nations such as India. On Saturday, Iran's Supreme Leader Ayatollah Ali Khamenei accused the U.S. of being behind the unrest.

"They bring to bear economic pressure to separate the nation from the system ... but six USA presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website, referring to Trump. "It is highly doubtful", the group said.

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There was no immediate acknowledgment from the Saudi Royal Court that the conversation took place. Prices to (sic) high! Prices have also risen given ongoing unrest in Venezuela, as well as with fighting in Libya over control of that country's oil infrastructure.

However, Riyadh did not reference anything related to a two-million-barrel increase, leading to questions about whether Trump's tweet was an exaggeration, wishful thinking, a business strategy, or yet another "Trumpism".

"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.

"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.

Oil analysts said OPEC producers may not be able to fully supply the market if Iranian oil is cut from the market. South Korea accounted for 14 percent of Iran's oil exports a year ago, according to the US Energy Department. There's a risk that supplies from Iran could be cut further as there's pressure on other countries to join the United States in sanctions, he said.

China is the largest importer of Iranian oil with 24 per cent, followed by India with 18 per cent. Turkey stood at 9 per cent and Italy at 7 per cent.

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