In an early morning tweet, Trump said Saudi Arabia's expanded production would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to re-impose oil sanctions.
Trump is concerned about the hike in gasoline prices in the United States, where a gallon costs an average of $2.85, which is 63 cents more than previous year, according to estimates of the American Automobile Association (AAA).
Trump's warning last week about buying oil from Iran threw doubt and confusion into the energy market.
Amid reports Saudi Arabia's oil output for June is at near-record levels, President Trump tweeted Saturday that Saudi King Salman "agreed" in a phone conversation to increase oil production to roll back oil prices.
The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day. The State Department is now insisting that other countries stop importing Iranian oil - or face sanctions from Washington.
If the Saudis had agreed to Trump's request, "that means he is calling on them to walk out from OPEC", Iran's OPEC governor Hossein Kazempour Ardebili, said in an interview. The 13% surge in prices has been driven by a series of factors in the global oil market that will trickle down to USA drivers filling up their gas tanks.
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I don't know if you kept it or threw it away'. "They have had hard times and still have been able to qualify". Of course, it was a huge relief, a relief for all of us. "Luckily we achieved our objective".
Trump's tweet caps an unsettling week for oil prices.
After the US State Department on Tuesday urged allies and companies to stop buying crude oil from Iran by 4 November, global benchmark Brent crude gained 6.5 per cent and American benchmark West Texas Intermediate jumped 9.3 per cent between Tuesday and Friday. Saudi Energy Minister Khalid Al-Falih indicated the group's action would add almost one million barrels a day to the market.
Non-Opec member Russian Federation on June 23 also backed the effort, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch foes Iran and Saudi Arabia.
Brent crude, the worldwide benchmark, was selling Friday for over $79 a barrel, and there is talk that in certain circumstances a return to $100 a barrel oil is possible.
The news agency also reported Saturday that Saudi Energy Minister Khalid al-Falih said the kingdom will increase output by hundreds of thousands of barrels, with exact figures to be determined later. Iran now exports around 2.4 million barrels a day of crude of which a million barrels or so could be at risk.
US officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs.
"They bring to bear economic pressure to separate the nation from the system. but six US presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website Khamenei.ir, referring to Trump.