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U.S. President
Donald Trump
On Saturday, he asked Saudi Arabia to significantly boost its oil production to bring down crude prices.
"I ask Saudi Arabia to increase its oil production, perhaps up to 2,000,000 barrels," . Trump said in a tweet citing a phone call with Saudi King Salman.
"High price! He agreed," said the tweet, citing "turmoil and dysfunction" in Iran and Venezuela.
It was not clear whether Mr. Trump was saying that the king agreed that prices were too high or to increase production. A representative of the Saudi government was not immediately available to comment early Saturday.
Saudi Arabia is already significantly increasing production, following the decision taken last week by the Organization of Petroleum Exporting Countries and a non-OPEC producer group led by Russia to do so .
Oil prices reached another several-year high, due to lower crude inventories and possible supply disruptions
The barrel of light sweet oil for delivery in August s & rsquo; Is set at $ 74.15 a barrel at New York Mercantile Exchange. The highest settlement since November 2014. Brent, the world's benchmark, rose 2% to $ 79.44 a barrel.
Write to Mark Anderson at [email protected] and Summer Said at [email protected]
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