Amid growing civil unrest and economic challenges in Venezuela and Iran, President Trump has asked Saudi Arabia to increase its oil production to counter price increases.
King Salman of Saudi Arabia agreed to the request according to the president who tweeted Saturday that the increase could be as much as “2,000,000 barrels.”
“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,” he tweeted. “Prices to [sic] high! He has agreed!”
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! He has agreed!
— Donald J. Trump (@realDonaldTrump) June 30, 2018
The two leaders agreed to “maintain the stability of oil markets and the growth of the global economy, and the efforts of producing countries to compensate for any potential shortage of supplies,” according to The Saudi Press Agency which confirmed Trump’s tweet.
Fox News reported:
Saudi Arabia currently produces over 10 million barrels of crude oil a day, according to the Associated Press.
It was not clear if Trump meant an extra two million a day, but analysts speaking to Bloomberg News believe the kingdom can produce more than 12 million a day — which would leave an almost two-million barrel gap per day.
Iran and Venezuela are also OPEC members, and are likely to be angered by any increase. Reuters reported earlier this week that Iran has been infuriated by a recent increase by the Saudis to 10.7 million barrels a day, and blamed U.S. interference on the increase.
Members of the Organization of the Petroleum Exporting Countries agreed last week to pump one million barrels more crude oil a day.
“Our resolution does not allow any member to produce more than their quota,” Iran’s OPEC governor Hossein Kazempour Ardebili said. “If they do, it means the State Department is running OPEC.”
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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