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Iran oil minister: No change in production, export

President Rouhani talks to Iranian expatriates in Bern Switzerland

However, oil prices have shot up and Trump, anxious about the impact on United States voters ahead of November midterm elections, is appealing to the Saudis for help.

President Trump wrote in the tweet that the "Opec Monopoly must remember that gas prices are up & they are doing little to help", and that America defends many Opec members for "very little" money.

Brent crude futures LCOc1 were at 77.70 dollars per barrel at 6.53 GMT, down 54 cents, or 0.7 percent, from their last close.

And naturally the Saudis will ply the President with the old "market balance and stability" line as well - the readout of the telephone conversation between Trump and the Saudi king looked nearly exactly like the conversations other Presidents have had in the past with Saudi Arabia on oil prices - and just as meaningless.

The comments this morning follow on from yesterday's news that Saudi Arabia raised oil output by about 500,000 barrels per day in June.

"If Trump continues to believe that OPEC are not doing enough, we would not rule out a SPR (Strategic Petroleum Reserve) release from the USA, or possibly even export restrictions on petroleum products", ING said, in a note.

Park wins Women's PGA; Henderson finishes tied for sixth
Park, Ryu and Hataoka all ended the 72 holes at 10-under 278, though they each took a vastly different route to get there. I just did 100-per cent effort every shot, every putt and still, you know, I like looking at the positive side.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices. Although Saudi Arabia has pledged the organisation will boost supplies, Goldman Sachs Group Inc. said that losses in some members - notably Venezuela and Iran - will lead to a new rally.

Opec members agreed with Russian Federation and other oil-producing allies last month to raise output, despite Iran storming out of negotiations, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

The recent strength in oil prices has in part been spurred by a USA announcement that it plans to reintroduce sanctions against Iran, OPEC's third-largest producer, from November, targeting oil exports.

US production remained steady at 10.9 million bpd for a third week in a row.

USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind.

Iran, OPEC's third-largest producer, is facing United States sanctions on its oil exports that are prompting some buyers to cut purchases.

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