Oil producers increase production to make up for cut off of Iranian oil
President Donald Trump said he’s spoken to Saudi Arabia and other countries about increasing oil flow and that “all are in agreement.”US oil production continues to climb and infrastructure bottlenecks decrease in the Permian Basin which along with OPEC easily make up for Iranian oil. California has created its own bottleneck with increased taxes and hostility to oil and gas production making its prices easily the highest in the US. However, the politicians that caused the restriction of supply and increased pricing act shocked at the results of their perfidy.
Trump described the conversations in a tweet on Friday in which he also said a California tax on gasoline is causing “big problems on pricing for that state.”
Oil on Friday slid by the most since December as Trump pressed OPEC to lower prices and doubts grew about the impact of supply squeezes from Russia and Iran.