Trump Asks Saudi Arabia to Pump More Oil, Citing High Prices

U.S. President Donald Trump said he asked Saudi Arabia to significantly boost its oil production, ratcheting up pressure on Riyadh to help ease fast-rising crude prices. Saudi Arabia, the de facto head of OPEC, and Russia have already said they would work together to boost production. "I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels," Mr. Trump said in the tweet, citing a conversation with Saudi King Salman. Oil prices had started to fall in recent weeks, thanks to the Saudi and Russian agreement to start pumping oil. It says it keeps between 1.5 million barrels and 2 million barrels a day of spare capacity at the ready at all times.

Trump asks Saudi Arabia to increase oil production

President Donald Trump has asked Saudi Arabia's king to increase oil production to make up for a shortfall from Iran and Venezuela. "Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! There was no confirmation that Saudi Arabia would increase oil production, as President Trump said. Russia, Iraq, the UAE and Kuwait jointly have another million barrels, so there is spare production of 3 million barrels a day.

Trump says Saudi king agreed to raise oil production up to 2 million barrels

as declared in 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. Saudi oil officials did not immediately comment. It was not immediately clear at what level of production Trump was referring to or by when. "If this happens, (it) means Trump is asking Saudi Arabia to walk (away) from OPEC," he told Reuters. "Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement," Rashidi told Arabic-language daily Al-Rai.

This content may collect you by Max Nolan