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U.S. President Donald Trump lashed out at OPEC on Sunday and piled pressure on traditional U.S. allies with a threat to sanction European companies that do business with Iran. The president said in an interview with Fox News that he would also not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections. When asked about manipulation of oil markets, Trump said that "OPEC is and they better stop it because we're protecting those countries, many of those countries." Rising gasoline prices could create a political headache for Trump ahead of the November elections.

Saudi Arabia has promised U.S. President Donald Trump that the kingdom is able to raise its oil production if needed, and has spare capacity of 2 mil bpd, the White House said on Saturday. The White House’s statement said that "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." The White House statement appeared to correct a conflicting tweet by Trump earlier in the day, when Trump claimed wrote that Saudi Arabia had definitely agreed to produce more oil. "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 ... Prices to high! He has agreed!" Trump tweeted. 

Energy companies reduced the number of active oil rigs in the U.S. last week for a 2nd straight week, according to energy services firm Baker Hughes. In the week to June 29, drillers cut 4 oil rigs to bring the total count down to 858 rigs. That was the first time since October 2017 that drillers cut rigs for 2 weeks in a row.

 

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