U.S. Backs Off Trump Tweet on Saudis Helping Lower Oil Price
- Saudis, U.S. now say oil supply discussed with no targets set
- Trump, King Salman discussed need to balance oil markets
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U.S. President Donald Trump’s administration backed off an assertion he made earlier indicating he persuaded Saudi Arabia to effectively boost oil production to its maximum capacity, which would have threatened to blow up a fragile truce agreed by OPEC and inflamed the Saudi-Iran rivalry.
“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 (sic) high! He has agreed!,” Trump said on Twitter Saturday.