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U.S. President Donald Trump has once again taken to Twitter to slam OPEC for driving up oil prices.Oil prices have climbed by more than 50 percent in a year, and very nearly touched $80 a barrel last week as traders anticipated that the world's margin of spare production capacity available to offset supply disruptions is set to seriously shrink.If Trump succeeds in halting all of Iran's oil exports, they will have to replace 2.7 million barrels a day of Iranian supply.According to Bank of America Merrill Lynch, a complete shutdown of Iranian sales could push oil prices above $120 a barrel if Saudi Arabia can't keep up.In Trump's world, the gasoline prices he focuses on should already be headed down. Saudi Arabia can boost output to 11.5 million barrels a day immediately and go to 12.5 million in six to nine months, Crown Prince Mohammad bin Salman told Bloomberg in 2016 .The most that Saudi Arabia has ever pumped on a monthly average basis is 10.72 million barrels a day in November 2016, according to official figures provided to OPEC. That's about it, around 1.5 million barrels a day of immediately available oil to replace what Iran won't be pumping.
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