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The President of the United States, Donald Trump declared Saturday that King Salman of Saudi Arabia had accepted his request for an increase in the production of oil.
to speak with King Salmán of Saudi Arabia and I explained that, because of the tensions and unrest in Iran and Venezuela, I ask Saudi Arabia to. increase oil production, perhaps to 2 million barrels make up the difference, "writes Trump in a tweet, adding:
Prices are too high! He accepted …
I just spoke to King Salman of Saudi Arabia and explained to him that because of the turmoil and disorder in Iran and Venezuela, I ask him to do so. Saudi Arabia to increase its oil production, perhaps up to 2,000,000 barrels. to make up the difference … Prices are high! He accepted!
– Donald J. Trump (@realDonaldTrump)
June 30, 2018
The Organization of the Petroleum Exporting Countries (OPEC) agreed on June 23 with Russia and its other partners – a group of 24 countries contributing more than 50 % of world production of crude oil, increase production.
According to Saudi Arabia and Russia, the agreement will mean an increase of about "one million barrels a day ", which would serve the increase expected from global demand.
The Saudi official press agency said Saturday that the phone call was an initiative of the US president and that the two leaders were talking about "the need to make efforts to preserve the stability of the oil market and the growth of the world economy ".
The two leaders also commented on "the efforts of producing countries to cover supply deficits," according to the Saudi source.
Saudi Arabia is the world's largest oil exporter and, in general, it has maintained an available capacity of between 1.5 and 2 million barrels a day, according to the Energy Information Administration the United States.
However, oil officials quoted by the Wall Street Journal have said it questionable whether the kingdom could increase production to the amount suggested by Trump.
This is simply not feasible, said a senior Saudi oil company quoted by the Journal
Rising "uncertain"
OPEC and its allies have been committed since the end of 2016 to a production pact to boost prices.
The strategy seems to have worked if one takes into account the fact that the Brent barrel on the world market, it has gone from about 50 dollars at the end of 2016 to more than 80 dollars in May.
But experts have estimated that the increase agreed a week ago was too "imprecise" to significantly influence prices and meet Trump's demands for lowering oil values for the summer
] Oil prices are too high, OPEC is again at the same time. Not good!
– Donald J. Trump (@realDonaldTrump)
June 13, 2018
The President of the United States has repeatedly criticized the OPEC in recent weeks, accusing him of not acting.
I hope that OPEC will greatly increase its production. He wrote on Twitter when the organization revealed his decision
In April, he had accused the cartel of maintaining the prices "artificially high" . the service station – a very sensitive data in the United States because of its influence on the confidence of the population – has increased considerably in recent months. And the Americans are in full preparation to begin their summer vacation
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