Web Desk (July 01, 2018): US President Donald Trump has 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 last week, partly due to US plans to re-impose sanctions on Iran.
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