WASHINGTON/RIYADH (Reuters) - U.S. 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 a decline in supplies from Iran and Venezuela.
Trump tweeted: “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!”
He did not specify if the figure was barrels per day (bpd).
During the call, the Saudi king and Trump emphasized the need to preserve oil market stability and efforts of oil-producing countries to compensate for any potential shortage, Saudi state media reported on Saturday.
The statement reported by Saudi media did not mention any intention by Saudi Arabia, the world’s top oil exporter, to raise production to 2 million barrels per day. Saudi oil officials did not immediately comment.
Saudi Arabia has a maximum sustainable capacity of 12 million bpd, but the world’s top oil exporter and Organization of Petroleum Exporting Country’s biggest producer has never tested that high level of production.
Last week, OPEC led by Saudi Arabia and its allies including Russia agreed to boost oil supplies after curbing output since 2017 to address a global supply glut.
Benchmark Brent crude LCOc1 was around $79 a barrel on Friday and a Reuters poll showed prices look to remain strong for the rest of this year
