Trump asks Saudi Arabia to increase oil production

[Formerly Once-Ler]

http://thehill.com/policy/international/394951-trump-asks-saudi-arabia-to-increase-oil-production

President Trump on Saturday said he asked King Salman of Saudi Arabia to increase oil production “maybe up to 2,000,000 barrels” in order to bring prices down.

“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!” Trump tweeted.

It is rare for the U.S. to make a specific request for an output hike.

Saudi Arabia confirmed the call but not the agreement, according to the Associated Press.

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Saudi Arabia's all-time record is 10.72 million barrels a day. The price of crude oil shot up earlier this week after news broke that the U.S. is asking allies to cut all oil imports from Iran by Nov. 4.

more at link.

Tuesday, November 6 is election day.  Expect gas price and everything transported by gas to rise in price until then.

[edpc]

U.S. Backs Off Trump Tweet On Saudis Helping Lower Oil Price

But in a statement Saturday evening, the White House said King Salman bin Abdulaziz affirmed that Saudi Arabia has 2 million barrels a day of spare production capacity “which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality.”

The White House statement aligned with one by the state-run Saudi Press Agency saying that the king and Trump, in a phone call Saturday, discussed efforts by the oil-producing countries to compensate potential shortages in oil supply. The two leaders stressed the importance of maintaining oil-market stability, according to the report. The agency didn’t say the leaders agreed and didn’t make any reference to 2 million barrels.

https://www.bloomberg.com/news/articles/2018-06-30/trump-asks-saudi-arabia-to-boost-oil-output-to-offset-high-price