Donald Trump, Saudi king discuss oil markets, no mention of production plans

King Salman Saudi Arabia Islamist sympathisers Crown Prince Mohammed bin Salman Saudi Arabi Islamist arrests World news Indian Express

The White House late Saturday issued a statement backing down from Donald Trump's earlier tweet indicating that he had convinced Saudi Arabia's king to produce as much as 2 million barrels of additional oil a day to bring prices down. It would also likely aggravate other OPEC members, such as Iran and Venezuela, which initially sought to prevent any increase as OPEC, along with allies led by Russian Federation, headed into their Vienna meetings earlier this month. A gallon of regular gasoline sold on average in the USA for Dollars 2.85, up from USD 2.23 a gallon previous year, according to AAA.

The telephonic call between Trump and King Salman on Friday assumes significance in view of the increasing global oil prices, and U.S. asking countries to stop purchasing oil from Iran, which is a major supplier of oil to countries across the globe including India and China.

A statement on the state-run Saudi Press Agency on Saturday afternoon said: "During the call, the two leaders stressed the need to make efforts to maintain the stability of oil markets and the growth of the global economy".

Just a week ago, the Organization of the Petroleum Exporting Countries reached an agreement to gradually increase output by about 700,000 barrels a day to stabilize oil prices and offset lost production in Venezuela, where political and oil patch upheaval has led to a drop of exports.

The telephone exchange is another sign of how US-Saudi ties have improved under Trump compared with the Obama administration, which alienated the kingdom by seeking a nuclear deal with Iran.

United States officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs. Later on Saturday, the Saudi SPA news agency also reported about the conversation between Trump and Salman but has not mentioned the agreement announced by Trump.

Iniesta retires from Spain after World Cup loss to Russian Federation
Sergio Ramos was the first Spanish player to talk to the media following Spain's elimination from the World Cup. He also noted that thanks to Chechresov the team has made the impossible making it to the playoffs.


Cristiano Ronaldo hailed after Edinson Cavani incident
Edinson Cavani was optimistic over a calf injury after scoring twice against Portugal to send Uruguay into the World Cup quarter-finals.


Gareth Southgate: Colombia clash is England's biggest in a decade
The loss meant the Three Lions finished second in Group G and now face Colombia in Tuesday's last-16 tie in Moscow. The knockout game is the biggest game for a decade, so we had to make sure our key players were preserved.


The Saudi government said on its official website that the two leaders had spoken about oil production, but avoided suggesting any specific deal had been struck.

Saudi Energy Minister Khalid al-Falih met with US Secretary of State Mike Pompeo in Washington on Thursday to discuss energy security. The higher gas prices are a serious GOP concern as the midterm elections approach. It closed Friday at $79.44. Its record is 10.72 million barrels a day.

Trump earlier this month blamed OPEC for oil prices being too high, reprising comments he made on Twitter in April. When Trump withdrew and reimposed sanctions, that meant Iranian exports would come under pressure.

"Saudi Arabia does not really like going beyond 11 million barrels a day and has no intention of expanding its current production capacity". Trump past year chose Saudi Arabia for his first foreign trip.

"I guess the Saudis want to give the confidence to Trump to go very hardcore on Iran", tweeted the oil market's most vocal bull, commodities hedge-fund manager Pierre Andurand.

Related News:



Most liked

India preparing for cut in oil imports from Iran
Iran exported about 1.9 million barrels a day during the first quarter of this year, according to OPEC figures. "We are serious about our efforts to pressure Iran to change its threatening behavior", the official said .

Trump Bashes Dems Pushing to Abolish ICE: 'Zero Chance'
Kevin Kelly, the agent in charge of Buffalo's Homeland Security Investigations office, is one of those who signed. ICE spokeswoman Liz Johnson condemned calls to abolish the agency as "dangerously misguided".

Ronaldo out of World Cup after loss to Uruguay
Rui Patricio of Portugal can not stop Edinson Cavani's goal for Uruguay during the 2018 FIFA World Cup Russia Round of 16 match. Furthermore, both players leave Russian Federation still in search of their first goals in the tournament's knockout stages.

Holders Germany knocked out after 2-0 defeat
The 2006 winners, Italy , crashed out of the group stage in 2010, while that tournament's winners, Spain , did the same in 2014. Loew was appointed national team coach after the 2006 World Cup in Germany , when he was assistant to Juergen Klinsmann.

Japan slip through on fairplay rule, Latest Football News
Finally, Bednarek broke the deadlock in the 59th minute of the game when he fired the ball into the nets following a free kick from Kurzawa.

Mexico fans laud South Korea for sealing team's place in last 16
Many favorites went through like Portugal, Spain, Brazil and France, but to say they did so easily would be a huge understatement. That means the two games he featured in ended in losses, with Germany failing to score when he was on the pitch.

Supreme Court vacancy puts Murkowski in the middle, again
Trump said he would make his announcement on July 9, the day before he is scheduled to leave on a presidential trip to Europe. Supreme Court Justice Anthony Kennedy announced his retirement , effective July 31, at the close of the term this week.

NBCSN to broadcast England-Belgium in World Cup
The striker is set to face some of his Manchester United teammates when Belgium come up against England in the final Group G game in Kaliningrad on Thursday.

Lakers facing pressure to acquire Kawhi Leonard if they want LeBron
On the other hand, the Lakers are apparently feeling pressure to find a way to lure James or George (or both) to Los Angeles. My favorite part in this soap opera is that Gregg Popovich is doing everything he can to stiff-arm the Lakers.

Brazil vs Tunisia, Mexico vs South Korea, Germany vs Sweden Match preview
Having slumped to a shock 1-0 defeat against Mexico in their opening game, Germany had to beat Sweden to avoid elimination. Day 10 at the 2018 World Cup gave us 13 games, three winners and an absolutely insane finish in the last game.

Uruguay v Russian Federation 25 June 2018
There is a sense that Uruguay have done the bare minimum needed to top Group A, but the signs are that they are picking up form. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.

Serbia vs Brazil: Mitrovic ready to inflict WC agony on Selecaos
Brazil has won Group E at the World Cup after defeating Serbia 2-0 on Wednesday in their final group stage match. When Neymar decides to play, Brazil plays well and that was the story at the Spartak stadium .

FDA greenlights GW's Epidiolex, the first USA drug made from marijuana
He added: "We anticipated that Epidiolex will be the first of many potential FDA-approved medicines based on the cannabis plant". Only products that have received formal FDA approval can make such claims, typically requiring clinical trials costing millions.

OnPolitics Today: 'I really don't care' about this jacket
The migrant children are labelled as "unaccompanied minors" and sent to the government's custody or foster care. First lady Melania Trump on Thursday flew to Texas to visit children displaced by the immigration crisis.

Salah´s Egypt leave World Cup winless after late Saudi defeat
Egypt failed to advance to the knockout stage of the World Cup after losing all three of their group-stage matches. Kadyrov declared Salah to be an honorary citizen of Chechnya in a ceremony with the player.