Editor in Chief: Moh. Reza Huwaida Thursday, November 15th, 2018

Trump Says Saudi King Agrees to Ramp up Oil Production

Trump Says Saudi King Agrees  to Ramp up Oil Production

WASHINGTON - US President Donald Trump said on Saturday that Saudi Arabia’s King Salman had agreed to his request to ramp up oil production, a week after OPEC already announced an output rise.
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction 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 announced in an early morning tweet.
“Prices too high! He has agreed!”
Trump has repeatedly lashed out at OPEC on Twitter in recent months, piling pressure on Riyadh, a major ally, to boost output as he hopes for lower pump prices before midterm congressional elections in November.
His latest comments come a week after ministers from the Organization of the Petroleum Exporting Countries -- of which Saudi Arabia is the major member -- had already agreed to raise output from July.
Non-OPEC member Russia on June 23 also backed the effort, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch foes Iran and Saudi Arabia.
The ministers announced they would ramp up oil production by around one million barrels a day from July. (AFP)