Crude oil news

Saudi Arabia agreed to raise oil output by up to 2 million barrels a day

President Donald Trump early Saturday said that Saudi Arabia has agreed to raise output by as much as 2 million barrels a day.

 

Via Twitter, Trump indicated that his discussions with the Saudis centered on the need to reduce crude production to combat expected disruptions from output in major producers Iran and Venezuela.

The tweet read: “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!”

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!

OPEC has teamed up with Russia and other major producers to restrain output—an effort that’s helped push crude back up to late 2014 levels.

Further amplifying crude’s run-up has been a decision by the Trump administration to pull out of a 2015-era nuclear agreement with Iran and reimpose sanctions on the country and could limit production. Political turmoil in Venezuela, a big producer of crude, also is contributing to richer prices.

 

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