Saudi king agrees to ramp up oil production, Trump says

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The 174th Meeting of the OPEC Conference adopted Resolution No.174.513 that decides "that countries will strive to adhere to the overall conformity level of OPEC-12, down to 100%, as of 1 July 2018 for the remaining duration of the above-mentioned resolution and for the JMMC to monitor and report back to the President of the Conference". "The rest depends on geopolitics, and those decisions will be taken based on the situations", he said. "We go by our interests".

"Iran is irrelevant to Opec", said Olivier Jakob, managing director of consultancy Petromatrix.

Japan imported an 18-year high of 10.3 million barrels of US crude in 2017, but imports slowed sharply in the first five months of this year as USA spot crude prices were stronger than Middle East benchmark Dubai.

"These situations are going to be evaluated on a case by case basis", Deputy Energy Secretary Dan Brouillette said in an interview in Paris.

"You have India, China and Europe on one side, and USA on the other". "There's not really much Iran can do to maintain its export level".

Haley, now in Delhi, spoke with US Secretary of State Mike Pompeo early on Wednesday, before meeting Modi.

Turmoil has surrounded Iran after Trump announced the US was pulling out of the Iran nuclear deal, and has since urged allies to stop buying oil from the country.

The U.S. government is trying to shut Iran out of oil markets when it fully implements its sanctions in November.

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If Trump made such a request, Iran's OPEC governor Hossein Kazempour Ardebili told Bloomberg, that meant the president was calling on the Saudis to ignore their commitment to OPEC.

Under pressure from the USA sanctions, Reliance Industries Ltd, the operator of the world's biggest refining complex, has chose to halt imports.

Senior US officials visited Europe this week and will head to the Middle East and Asia later to pressure countries to reduce their oil supplies from Iran.

Friday's falls came as Asian stock markets were near nine-month lows, despite a small rebound.MIAPJ0000PUS, amid an escalation of trade disputes between the United States on one side and economies including China, India and the European Union on the other. He questioned whether Trump's words would do anything to reverse the effects on the market of declining Iranian oil production.

Last week, members of the Organization of the Petroleum Exporting Countries, agreed to pump one million barrels more crude oil a day, but summer usually leads to a demand for oil in the USA, in turn pushing up prices.

The statement reported by Saudi media did not mention any intention by Saudi Arabia, the world's top oil exporter, to raise production to 2 million barrels per day.

Crude oil's gains have been buoyed by a dispute in Libya over oil-marketing rights that is restricting the country's export capacity. But, it still could continue imports if Iran accepts an alternative payment or offers a longer credit period.

"Buying oil from Iran stands tall among other options. Finding replacement barrels is not a problem, but it has to give the best economic value", a third source in New Delhi said.