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Aside from the Saudis, only a handful of producers, including Kuwait, the United Arab Emirates and Iraq, are likely to put more oil on the market soon. The International Energy Agency, the Paris-based group that represents consumer countries, recently estimated 1.14 million barrels a day what it calls "the supply of energy." orders "from the Middle East, including Saudi Arabia. According to analysts, Russia could add up to 400,000 barrels a day.
While production in the United States is growing rapidly, mainly due to oil extraction from shale, analysts predict that growth is expected to slow in the coming years. At the same time, factional fighting in Libya is causing a major breakdown, while Venezuelan oil production, once a major producer, has dropped nearly a month to the next. 1 million barrels a day over the past two years, with other sharp declines possible in the coming months.
The market is not running out of oil now. But traders worry that all these problems may add to shortages. Estimates of available capacity or readily available oil vary, but most experts believe that it would be difficult to cover a steep decline in Iranian exports combined with other blackouts.
In a statement released on Saturday, Saudi Arabia said that King Salman had spoken to Mr. Trump and that the leaders discussed the need to address any potential shortages in the supply chain. oil as well as maintain stability in the oil markets. The statement did not include precise figures
The Saudis are longtime regional rivals in Iran and they generally appreciate the hard line that Mr Trump is adopting with regard to Tehran.
In his own statement, the White House said Mr. Trump and King Salman agreed that balancing the global oil market was "essential to ensuring access to reliable and affordable energy everywhere in the world. the world. "
The White House declared that King Salman asserted that the kingdom kept two million barrels a day. ability, that she would "use caution if and when it was needed".
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