Venezuela's production has fallen to 1.4 million barrels a day, about a million barrels a day less than it produced two years ago. In reality, the output increase isn't expected to exceed 700,000 barrels per day because some members are already pumping at maximum capacity.
If Trump's comments are accurate, oil analyst Phil Flynn said it could immediately knock $2 USA or $3 off a barrel of oil.
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.
Global oil prices, which ranged from between 40 dollars to 50 dollars a barrel in 2016, increased to about 50 to 60 dollars in 2017, and continued upward to 80 dollars in 2018.
Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports.
The president had again blamed OPEC for high global oil prices on June 13.
Ronaldo follows Messi out of Russian Federation as Portugal hit Uruguay roadblock
Portugal will not change the way they play, which is quite one-dimensional and not particularly inspiring. The first FIFA World Cup meeting between Uruguay and Portugal is bound to be a doozy.
In a tweet, Trump said Saudi Arabia would, at his request, increase production "maybe up to 2,000,000 barrels".
Non-OPEC Russia, meanwhile, was under pressure from its own energy companies to lift caps on output and fight a steep rise in domestic fuel prices that was hurting President Vladimir Putin's popularity, Russian sources have said.
Saudi Arabia, backed by non-member Russian Federation, had argued strongly in favor of increasing production as grumbles in major consumer countries like the United States, India and China have grown about higher prices.
"President Trump's reckless decision to pull out of the Iran deal has led to higher oil prices", Senate Minority Leader Charles Schumer, D-N.Y., said last month during a photo op outside an Exxon station. Prices have also increased due to the persisting US-backed troubles in Venezuela, as well as with the unrest in Libya over control of that country's oil infrastructure. That was after Saudi Energy Minister Khalid al-Falih said the kingdom would honour the OPEC decision to stick to a one-million-barrel increase.
USA officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement.
Oil prices rose last week, partly due to U.S. plans to reimpose sanctions on Iran, a major oil producer.
"They bring to bear economic pressure to separate the nation from the system. but six United States presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website, referring to Trump.
That's up about 55 cents from the same period past year, at a time Mr Trump's Republican Party is trying to hold on to its majorities in Congress in the November midterm elections.
"The market will go up to $100 I am sure as Saudi Arabia said they will plan an increase for July. This was managed between the two to rob the pocket of rest of the world", he said.
- Lakers Trade For Kawhi Could Clinch LeBron Signing
- Aeroméxico Offers Discount Trips to Seoul to Celebrate World Cup Success
- Serena Williams is given the No. 25 seed for Wimbledon
- Germany's early World Cup exit 'hurts so much' for Ozil
- Bentley breaks SUV hillclimb record with Kiwi at the helm
- A Strawberry Moon will sweeten up the night sky tonight
- Trump gets new Supreme Court pick as critical 'swing vote' resigns
- Gareth Southgate admits knives will be out if England lose to Colombia
- Book award drops Laura Ingalls Wilder's name over her lack of 'inclusiveness'
- A final good-bye: Toys R Us closes its doors forever