Trump, Saudi King Agree to Stabilize Oil Markets with Production Boost
US President Donald Trump said Saudi Arabia had consented to a production boost to offset lost supply from embattled Iran and Venezuela, CNBC reported.
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.
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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