US President Donald Trump has urged Saudi Arabia to increase its oil production to combat the rising cost of fuel. In a tweet message, 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!
Oil prices rose last week, partly due to US plans to reimpose sanctions on Iran, a major oil producer.
Saudi Press Agency confirmed that President Trump and King Salman had spoken by phone, giving few details. It said they had discussed the need to “preserve the stability of the oil market”.
The statement did not confirm that Saudi Arabia had agreed to the two million barrels a day figure.
Saudi Arabia is the world’s biggest exporter of oil and produced about 10 million barrels a day in May. It is reported to have between 1.5 million and two million barrels a day of spare capacity.