NEW JERSEY, July 1, 2018 (News Wires)-- US President Donald Trump said on Saturday that he had received assurances from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
Trump wrote on Twitter that he had asked the King in a phone call to increase oil production "to make up the difference...Prices to (sic) high! He has agreed!"
A little over an hour later, the state-run Saudi Press Agency reported on the call, but offered few details. "During the call, the two leaders stressed the need to make efforts to maintain the stability of oil markets and the growth of the global economy," the statement said. It added there also was an understanding that oil-producing countries would need "to compensate for any potential shortage of supplies". It did not elaborate.
Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the nuclear deal between Tehran and world powers. Oil prices also have risen with the ongoing unrest in Venezuela, as well as with fighting in Libya over control of that country's oil infrastructure.
Last week, members of the Organisation of the Petroleum Exporting Countries cartel led by Saudi Arabia and non-cartel members agreed to pump one million barrels more crude oil per day.
MOSCOW, June 14, 2018 (News Wires) - Russian President Vladimir Putin and Russian Energy Minister Alexander Novak will meet Saudi Crown Prince Mohammed bin Salman and Saudi Energy Minister Khalid al-Falih on Thursday, a Kremlin schedule showed.
Kremlin spokesman Dmitry Peskov has previously said that the two delegations would discuss an agreement on cutting global oil production which Saudi Arabia and Russia are leading, but did not plan to discuss an exit from the deal.
Crown Prince Mohammed is one of many world leaders visiting Russia for the soccer World Cup, which opens later on Thursday. The Saudi and Russian soccer teams are due to play one another in the first game of the tournament.