Saudi king said will boost oil output if needed: White House

Washington The leader of Saudi Arabia promised President Donald Trump that he can boost oil production if needed and the country has 2 million barrels per day of spare capacity available, the White House said on Saturday.

Trump told King Salman bin Abdulaziz Al Saud that the oil market could with more supply when the men spoke on Friday, the White House said. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

“King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance,” read the statement.

The White House statement undercut a tweet by Trump earlier in the day when he wrote that Saudi Arabia had definitely agreed to produce more oil.

“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 … Prices too high! He has agreed!” Trump tweeted.

In the early morning tweet, Trump said the extra Saudi oil would help offset a decline in supply from Iran after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.

It was not immediately clear what total level of Saudi production Trump was expecting or by when.

REUTERS, AP, AFP

Zachary Baliff

The Kootneeti Team - White House Watch

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