Saudi Arabia pledged to expand oil capacity if needed -White House

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Still, according to market analyst Naeem Aslam, Iran only needs to convince major buyer China to stay onside in order to keep its oil flow going: "If there is one thing on which many can agree on is this that China hasn't adopted its aggressive stance yet, it has many other high yielding option if the Trump administration continues to pressure China".

The statement reported by Saudi media did not mention any intention by Saudi Arabia, the world's top oil exporter, to raise production to 2 million barrels per day.

Outside North America, oil prices have been rallying for most of 2018 due to record demand and voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC).

The talks centered on whether to amend an 18-month-old supply-cut deal between OPEC members and allied countries, including Russian Federation, that has cleared a global oil glut and lifted crude prices.

The White House statement aligned with one by the state-run Saudi Press Agency saying that the king and Trump, in a phone call Saturday, discussed efforts by the oil-producing countries to compensate potential shortages in oil supply. It would far surpass the previous high of 10.72 bpd from November 2016.

However, it is unclear how seriously to take Trump's claim of success.

"We will be in uncharted territory". That was after Saudi Energy Minister Khalid al-Falih said the kingdom would honor the OPEC decision to stick to a 1-million-barrel increase.

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Southgate said it would have been "ridiculous" to risk the likes of Harry Kane against Belgium with qualification assured. We know it's early on in the process of what we're trying to do, but this is just a chance to try and prove it today.

That agreement sought to curb Tehran's nuclear capabilities in exchange for the lifting of some sanctions. But unplanned disruptions in Canada, Libya and Venezuela have made the world crude market tight, and many analysts and investors think strict enforcement of USA sanctions will push up prices.

India's oil ministry has asked refiners to prepare for a "drastic reduction or zero" imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.

Meanwhile, Leader of Iran's Islamic Revolution Ayatollah Seyyed Ali Khamenei slammed all-out U.S. economic and political measures against Tehran in a Saturday address, describing them as futile efforts to turn Iranians against the Islamic Republic.

Major buyers of Iranian oil, including Japan, India and South Korea, have indicated that they may stop importing Iranian crude if United States sanctions are imposed.

The State Department has said it expects the "vast majority" of countries will comply with the US request. "11 million barrels per day going forward, and that Russian Federation will be able to increase their production, so the worldwide crude market does have some stability", he added. "This was managed between the two to rob the pocket of rest of the world".

However, Saudi Aramco CEO Amin Nasser told journalists in India on Monday that the state oil company has spare capacity of 2 million barrels of oil per day.

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