Russian Federation breached its oil-output quota agreed with for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies.
"There is also some analysis from energy sector experts who say that Saudi Arabia could perhaps increase its daily output but it would only be for a very short time and the quality of the oil produced would be very low amd very hard to refine".
A week ago Opec and its allies including Russian Federation agreed to boost supplies, easing curbs in place since the start of 2017. Add in smaller contributions from elsewhere and global spare capacity might only amount to 2 mb/d of supply as of July, or only about 2 percent of total global production.
It added that "an incremental 1 million bpd from this group is feasible in July" and that this would offset the expected drop in Iranian exports and other declines elsewhere during the second-half of the year. A request by Trump for 2m bpd more would be at least double market expectations.
A little over an hour later, the state-run Saudi Press Agency reported on the call, but offered few details. In addition, Saudi Arabia shares with Kuwait a so-called neutral zone that hasn't been used for the past couple of years and can pump as much as additional 500,000 barrels a day.
There was no immediate comment from Saudi authorities.
Edward Bell, commodities analyst at Emirates NBD Research, said the Opec has space to raise output by around 700,000 bpd from its production levels in May.
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It was not immediately clear what level of production Trump was referring to or by when.
"We will be in uncharted territory", Amrita Sen, chief oil analyst at Energy Aspects Ltd.in London, said.
"We already mobilized the Aramco machinery, before coming to Vienna", Saudi oil minister Khalid al-Falih said over the weekend.
The White House statement confirmed that Saudi Arabia had informed Trump that the country has extra production capacity.
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 worldwide nuclear deal with Tehran. Trump ordered the re-imposition of US sanctions against Iran that were suspended under the accord.
The United States has been seeking to convince countries to halt imports of Iranian oil from November, when Washington will re-impose sanctions after pulling out of the deal aimed at halting Iran's nuclear ambitions. In January, OPEC producers agreed to reduce output to help balance the market after a glut of supply caused a steep fall in prices.
Meanwhile, Leader of Iran's Islamic Revolution Ayatollah Seyyed Ali Khamenei slammed all-out USA economic and political measures against Tehran in a Saturday address, describing them as futile efforts to turn Iranians against the Islamic Republic.
The Trump administration expects countries to zero out Iranian oil imports by November 4, and the State Department said it would be unlikely that anyone would be granted a waiver. Trump previous year chose Saudi Arabia for his first foreign trip. Trump's claim of a 2-million-barrel increase for Saudi Arabia alone does not specify a timeframe.