Saudis ramp up oil production to hurt Iran and Venezuela
SUMMARY
U.S. President Donald Trump says Saudi Arabia's King Salman has told him Riyadh will ramp up oil production in response to turmoil in Iran and Venezuela.
The Saudi government confirmed the two leaders had spoken about global oil markets, but made no mention of any agreement for Riyadh to increase production.
The June 30, 2018 conversation comes as oil prices have ticked upward following Trump administration pressure on allies to stop buying oil from Iran.
In a post to Twitter, Trump said Salman had agreed to an increase, but did not indicate a time frame for the possible 2 million barrels.
"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil and 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," Trump said in a June 30, 2018 tweet.
Trump added: "Prices to high! He has agreed!"
This article originally appeared on Radio Free Europe/Radio Liberty. Follow @RFERL on Twitter.
SHARE