Setback for Trump: Saudi Arabia won't pump much more oil this month, official says

• Saudi Arabia’s oil production will be little changed in July after rising by nearly 500,000 barrels a day last month, according to the kingdom’s OPEC governor.
• The news is something of a setback for President Donald Trump, who is depending on the Saudis to tame fuel prices.

Saudi Arabia’s representative to OPEC on Thursday said the kingdom’s oil production will be little changed this month, a blow to President Donald Trump, who is depending on his allies in Riyadh to tame oil prices.

July output from OPEC’s top producer will be roughly in line with last month’s total, which was just under 10.5 million barrels per day (bpd), the Dow Jones reported, citing Saudi OPEC governor Adeed Al Aama. Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July.

Oil prices extended gains following the news, with U.S. benchmark West Texas Intermediate crude last up $1.06, or 1.5 percent, at $69.82 a barrel.

Trump has called on OPEC to pump more oil as the average cost of gasoline at retail stations remains stuck near $3 a gallon. One of the major factors that pushed oil prices to 3-½-year highs is Trump’s decision to restore sanctions on Iran, the world’s fifth largest crude producer.

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