President Donald Trump said in a tweet on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels” to offset production from Iran and Venezuela.

The world’s top oil exporter plans to pump as much as 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russia and other oil producers to raise output by about 1 million bpd.

Trump tweeted: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction 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 too high! He has agreed!”

Saudi King Salman and Trump emphasized the need to preserve oil market stability and the efforts of oil-producing countries to compensate for any potential shortage, in a phone call reported by Saudi state media on Saturday. However, the statement did not mention any intention by Saudi Arabia to raise production to 2 million barrels per day.

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Source: Sputnik
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Saudi Arabia said on Saturday that it was substantially increasing oil production in an effort to cool down rising prices and head off potential future shortages.

Khalid al-Falih, the Saudi energy minister, told journalists at the headquarters of the Organization of the Petroleum Exporting Countries here that Saudi Aramco, the national oil company, was already in the process of ramping up production to increase exports from Saudi ports in July. “Ships have been scheduled, and it will be hitting the markets, I assume, in August,” he said.

While declining to give a specific number, Mr. Falih said the kingdom would be increasing output by “hundreds of thousands, not tens of thousands, of barrels” — a substantial amount.
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Source: Ny Times
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.