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The White House corrects what Trump told King Salman about oil production
The White House corrected the announcement of President Donald Trump, with the approval of Saudi King Salman bin Abdul Aziz, the increase of Saudi oil production by 2 million barrels per day.
Trump spokeswoman Sarah Sanders said the king had only confirmed the possibility of using oil production reserves to balance markets.
Trump said earlier on Twitter that the Saudi king had agreed to his proposal to increase oil production by 2 million barrels.
"The two leaders reaffirmed the commitment to a sound and stable global energy market for all countries and agreed that the global oil market balance is necessary to ensure reliable and affordable access to people around the world," Sanders said in a correction to the Trump Declaration, which triggered a storm of responses.
"In response to the president's assessment that there is a shortage in the oil market, King Salman stressed that the Kingdom has an additional production capacity of 2 million barrels per day when needed, and it would be wise to use it if necessary to ensure balance and stability of the market," Sanders said.
The Organization of the Petroleum Exporting Countries (OPEC) and a number of non-OPEC members agreed at the end of 2016 in Vienna to cut oil production by 1.8 million barrels per day from the October production level for 2016, including 300,000 barrels per share Russia to reduce production. The deal has been in operation since the beginning of 2017 and has been extended twice until the end of 2018.
OPEC agreed on June 23 this year to stay away from over-implementation.As the energy ministers of Russia and Saudi Arabia have put it, this would in practice mean an increase in production by one million bpd, including by Russia - by 200,000. On June 22, Trump called on OPEC to increase oil production dramatically to contain prices after imposing sanctions on two of OPEC's top producers, Iran and Venezuela.
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