Oil

The statement said the kingdom will coordinate with other producers.

Trump warned close U.S. allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

Kuwait will raise its oil production by 85.000 bopd as part of a recently reached OPEC agreement.

U.S. President Donald Trump has introduced numerous tariffs on imports.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers.

Saudi Arabia cannot add 2mn bpd to the oil market.

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.

Clashes had already forced the NOC to suspend operations at the two other ports. slashing output by 450.000 bpd.

According to the Iranian Oil Ministry. Iran is currently exporting 2.5 million barrels of oil a day.