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Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

White House officials have worked to backtrack the president's statement, stating that Saudi Arabia now outputs 10 million bpd, and maintains slack in their production equivalent to 2 million bpd that they can tap, "if and when necessary to ensure market balance".

Oil prices rose on Friday on worries that U.S. sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

The US sanctions that were suspended under the 2015 agreement will become effective again from August 6 - 90 days after President Donald Trump effectively pulled out the deal on May 8 by declining to extend their waiver.

Trump was not specific on whether the additional 2 million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd.

Eshaq Jahangiri made the comments Sunday in a televised speech.

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However, ESPN's Adrian Wojnarowski shined some light on the contract, and explained why it could be for up to seven years. Kentavious Caldwell-Pope agreed to a one-year, $12 million deal with Los Angeles, according to our own Shams Charania.

"We're not granting waivers", the official said.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by 4 November.

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. State Department policy adviser said on Monday. That official, who spoke without attribution, said, "Without question, they should be reducing".

Jahangiri said: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

Hook's comments follow a turbulent week in the oil market that started last Tuesday when another State Department official called on buyers to stop importing Iranian crude by November 4.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.


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