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Trump/OilBack
[Published: Sunday July 01 2018]

Trump urges Saudis to raise oil output

WASHINGTON 1 Jun (ANA) - US President Donald Trump has urged Saudi Arabia to sharply increase its oil production to combat the rising cost of fuel.

Mr Trump tweeted that he had asked Saudi ruler King Salman to raise oil output by up to two million barrels a day.

"Prices to [sic] high! He has agreed!" the president added.

Mr Trump said the move was needed due to "turmoil and dysfunction in Iran and Venezuela".

Oil prices rose last week, partly due to US plans to reimpose sanctions on Iran, a major oil producer.

The Opec oil producers' group agreed to increase output, as did Russia, but this failed to reassure markets.
  
The Saudi Press Agency confirmed that President Trump and King Salman had spoken by phone, giving few details. It said they had discussed the need to "preserve the stability of the oil market".

The statement did not confirm that Saudi Arabia had agreed to the two million barrels a day figure.(ANA)
FA/ANA/1 June 2018-------
 


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