India preparing for cut in oil imports from Iran

India Considers Cuts to Oil Imports from Iran

President Trump early Saturday said via Twitter that he had spoken to King Salman bin Abdulaziz Al Saud of Saudi Arabia, and requested an increase in the country's oil production of up to 2 million barrels of oil per day to offset turmoil in other oil-producing nations.

The telephone exchange is another sign of how US-Saudi ties have improved under Trump compared with the Obama administration, which alienated the kingdom by seeking a nuclear deal with Iran.

OPEC and non-OPEC countries said they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.

Former Federal Reserve Chairman Alan Greenspan on the economic stability of the USA with the extraordinary rise of crude oil production.

Trump said in a tweet he had asked the king for such an increase and the king had agreed.

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The White House statement confirmed that Saudi Arabia had informed Trump that the country has extra production capacity.

As the summer driving season moves into high gear, retail gasoline prices have been as high as $2.96 a gallon, according to the Energy Information Administration. The 13% surge in prices has been driven by a series of factors in the worldwide oil market that will trickle down to United States drivers filling up their gas tanks.

"Saudis are used to US requests for oil", Halff said.

Asian Brent crude oil, which was trading at a premium against WTI on concerns over OPEC supply, has now reversed the trend after OPEC's decision to hike output. "Import tariffs could also make oil purchases more expensive, leading to higher oil prices", said Commerzbank analyst Carsten Fritsch.

Trump was vague about whether the two-million-barrel increase would be per day.

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"I guess the Saudis want to give the confidence to Trump to go very hardcore on Iran", tweeted the oil market's most vocal bull, commodities hedge-fund manager Pierre Andurand.

Kuwait will increase its oil production by 85,000 barrels per day (bpd) Sunday, as part of a broader OPEC agreement to raise production by one million bpd, according to energy Minister Bakhit al-Rashidi. South Korea accounted for 14 percent of Iran's oil exports a year ago, according to the USA energy department. This is one of Trump's plans to pressure the US' allies into cutting off funding to Iran.

The US government is trying to shut Iran out of oil markets when it fully implements its sanctions in November. Estimates of how much spare capacity or quickly accessible oil is available vary, but most experts think it would be challenging to cover a large drop in Iranian exports combined with other outages.

State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil and suggested some exemptions were possible.

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