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Saudi Arabia confirms increase in oil production

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Saudi Arabia’s King Salman bin Abdul Aziz confirmed today, Jun. 30th, that he has pledged to increase the country’s oil production after receiving a request from US President Donald Trump. They talked on the phone.

According to the Saudi official agency SPA, the monarch told the US president the commitment of the producing countries to “make efforts” to compensate for any potential shortage of supply.

Trump and King Salman also expressed support for maintaining “stability” in the oil market and the growth of the global economy, according to the SPA statement.

The US president revealed on Twitter that he had asked the Saudi monarch to increase oil production by up to 2 million barrels a day to stem the price hike and offset the “turmoil” in Iran and Venezuela. “Prices are too high! He agreed!” Trump wrote on the social network, citing the response he received from Salman.

The value of the barrel of oil, which came to cost less than $ 30 in January 2016, is now at $ 75, the highest price since 2014.

Last week, Trump had asked members of the Organization of Petroleum Exporting Countries (OPEC) to “substantially” increase production to keep prices low. Last Friday (29), OPEC and its allies decided to increase production by 1 million barrels per day. However, the effect on supply would be of a high of 600 thousand barrels.

It is not clear whether the increase revealed by Trump goes beyond what has already been agreed with OPEC. However, the Bloomberg news agency said this week Saudi state oil company Saudi Aramco plans to raise its production to 10.8 million barrels per day from July as a result of US pressure.