Trump asked Saudi Arabia to boost its oil production by 2M barrels

But destabilizing OPEC could throw global oil markets into even greater turmoil than they've seen since Trump's election. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

"In response to the president's assessment of a deficit in the oil market, King Salman affirmed that the kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality".

But Saudi Arabia, OPEC's biggest producer, was keen to raise output to meet calls from U.S President Donald Trump and major consumers such as India and China to help cool oil prices and avoid shortages, according to Saudi officials including Energy Minister Khalid al-Falih.

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".

Trump's aim may be to exert maximum pressure on Iran while at the same time not upsetting potential USA midterm voters with higher gas prices, said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency. Iran has accused Trump of trying to politicize OPEC and said it was USA sanctions on Iran and Venezuela that helped push up prices.

"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.

If Trump's comments are accurate, oil analyst Phil Flynn said it could immediately knock $2 USA or $3 off a barrel of oil.

The current production curb pact calls for participating countries to trim output by 1.8 million barrels a day.

"We will be in uncharted territory". "While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", she said. Prices have also increased due to the persisting US-backed troubles in Venezuela, as well as with the unrest in Libya over control of that country's oil infrastructure.

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Iran opposed any changes to the original production-cut deal at a time when its oil industry is facing renewed sanctions over Trump's decision to quit the global nuclear deal with Tehran.

U.S. officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programmes. The State Department is now insisting that other countries stop importing Iranian oil - or face sanctions from Washington.

Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday accused Washington of trying to turn Iranians against their government.

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

That's up about 55 cents from the same period past year, at a time Mr Trump's Republican Party is trying to hold on to its majorities in Congress in the November midterm elections.

An oil tanker is loaded at the Ras Tanura refinery and terminal operated by Saudi Aramco in Saudi Arabia.

The Trump administration has been counting on Saudi Arabia and other OPEC members to supply enough oil to offset the lost Iranian exports and prevent oil prices from rising sharply. "This was managed between the two to rob the pocket of rest of the world", he said.

Saudi Arabia acknowledged the call took place, but mentioned no production targets, despite Trump tweeting in reference to Salman, 'He agreed!'

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