Trump claims Saudi Arabia agreed to increase oil production

President Trump says he has received assurances from King Salman 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. Mr. Trump said on Twitter Saturday that he asked Salman to increase oil production “to make up the difference…Prices to (sic) high! He has agreed!”

His comments come as oil prices have edged higher as his administration pushes U.S. allies to end oil purchases from Iran.

But Saudi Arabia says that, while Salman has spoken to Mr. Trump, the country gave no mention of the 2 million barrels of extra production Mr. Trump mentioned.

A statement on the state-run Saudi Press Agency on Saturday afternoon said: “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.”

It added that there also was an understanding that oil-producing countries would need “to compensate for any potential shortage of supplies.” It did not elaborate.

Mr. Trump’s tweet comes as oil prices have edged higher as his administration pushes U.S. allies to end oil purchases from Iran.

The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day. Mr. Trump’s claim of a 2-million-barrel increase for Saudi Arabia alone did not specify a timeframe.

The president has pushed in the past for OPEC to increase its oil production and keep prices down. AAA estimates higher oil prices will cost the average American family $440 on gas this year, as gas prices as 27 percent higher now than they were last year.

 “Oil prices are too high, OPEC is at it again. Not good!” the president tweeted on June 13. 

“Hope OPEC will increase output substantially. Need to keep prices down!” he tweeted last week.