U.S. Asks OPEC for 1 Million Barrel a Day Oil Output Hike

[thackney]

U.S. Asks OPEC for 1 Million Barrel a Day Oil Output Hike
https://www.bloomberg.com/news/articles/2018-06-05/u-s-said-to-ask-opec-for-1-million-barrel-a-day-oil-output-hike

The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the matter.

The rare request came after U.S. retail gasoline prices surged to their highest in more than three years and President Donald Trump publicly complained about OPEC policy and rising oil prices on Twitter. It also follows Washington’s decision to reimpose sanctions on Iran’s crude exports that had previously displaced about 1 million barrels a day, or just over 1 percent of global production.

While U.S. lawmakers have habitually criticized the Organization of Petroleum Exporting Countries at times of high oil prices, and the government has on occasion encouraged the cartel to pump more, it’s unusual for Washington to ask for a specific output hike, the same people said, asking not to be named discussing private conversations. It’s not clear precisely how the request was communicated....

[Suppressed]

Those who wonder why we cozy up to Saudi Arabia and the other Sunni states might understand better now, as their help is vital in Trump's feud with Iran.

(Obviously, it's far more than that, but this is for those who can't see the bigger picture.)

[InHeavenThereIsNoBeer]

Those who wonder why we cozy up to Saudi Arabia and the other Sunni states might understand better now, as their help is vital in Trump's feud with Iran.

(Obviously, it's far more than that, but this is for those who can't see the bigger picture.)

I rather suspect KSA needs our help with Iran more than we need theirs.

[Suppressed]

I rather suspect KSA needs our help with Iran more than we need theirs.

Agreed.  Though it's mutual.