Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Trump said in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

U.S. President Donald Trump has introduced numerous tariffs on imports.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers.

Trump tweeted on Saturday that he’d gotten an agreement from Saudi Arabia’s King Salman to boost output.

Statement doesn’t confirm Trump tweet that King Salman ``agreed.``

Saudi Arabia cannot add 2mn bpd to the oil market.

In China'.s case. the Iranian crude oil is essential.

Oil prices have been steadily rising since early 2016. when OPEC and non-OPEC producers struck a deal to cut output.

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.