US President Donald Trump has said that Saudi Arabia has agreed to increase production by up to 2 million barrels a day (b/d).
In a tweet he said: “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!”
On 22 June, Opec producers agreed to raise output by one million barrels a day from July, ending more than a year of sticking to a cuts agreement.
Saudi Arabian state media confirmed that Trump called King Salman to discuss the oil market.
It did not mention any details of an agreement on how much Saudi would increase production by.
Last week, the chief executive of state-owned Saudi Aramco, Amin Nasser, told the Financial Times the kingdom could ramp up and sustain production at 12m b/d, but this would not be possible immediately, and could take around six months.
You might also like...
Adnoc Offshore awards Upper Zakum contract
17 April 2024
Oman awards Batinah coastal road contract
17 April 2024
Oman appoints Al Khuwair Downtown project manager
17 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.