President Donald Trump has asked Saudi Arabia’s king to increase oil production to make up for a shortfall from Iran and Venezuela.
In a tweet on Saturday, Trump said King Salman bin Abdulaziz Al Saud had agreed to his request to boost production by “maybe up to 2,000,000 barrels.”
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!” the tweet read.
Oil prices have spiked in the past week, and on Thursday crude rose above $74 a barrel for the first time since late 2014. The 13% surge in prices has been driven by a series of factors in the international oil market that will trickle down to US drivers filling up their gas tanks.
Saudi Arabia said in a statement on the state-run Saudi Press Agency on Saturday that King Salman had received a telephone call from Trump and the two discussed the need to make efforts to “maintain the stability of oil markets.” They also spoke about the efforts of producing countries to compensate for any potential shortage of supply, the statement said.