Riyadh (September 30, 2018): United States (US) President Donald Trump has discussed global crude oil prices with Saudi King Salman in a telephone call amid the American leader’s call for Organisation of Petroleum Exporting Countries (OPEC) to bring down energy prices.
The state-run Saudi Press Agency reported the call late Saturday night, saying “the efforts to maintain supplies to ensure the stability of the oil market and ensure the growth of the global economy” were discussed by the two leaders.Trump, facing political pressure at home, has been calling on Opec and American allies like Saudi Arabia to boost their production to lower global crude oil prices. American officials acknowledged the call, but offered no details. Benchmark Brent crude now trades above $80 a barrel.Earlier on July 01, US President Donald Trump had urged Saudi Arabia to sharply increase its oil production to combat the rising cost of fuel.
Trump called Saudi ruler King Salman and requested him to raise oil output by up to two million barrels a day.
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During the call, the Saudi king and Trump emphasized the need to preserve oil market stability and efforts of oil-producing countries to compensate for any potential shortage, Saudi state media reported on Saturday.
Saudi Arabia has a maximum sustainable capacity of 12 million bpd, but the world’s top oil exporter and Organisation of Petroleum Exporting Country’s biggest producer has never tested that high level of production.
He said the move was needed due to “turmoil and dysfunction in Iran and Venezuela”. Oil prices rose due to US plans to re-impose sanctions on Iran.