White House Amends Statement on Saudi King's Vow to Help Stabilize Oil Market

Saudi King Salman bin Abdulaziz Al Saud and US President Donald Trump have agreed on the need for a balanced global oil market, the White House said in a statement; earlier, on Twitter, Trump had cited "turmoil & disfunction" (sic) in Iran and Venezuela as reasons to increase production.

The White House reported that the Saudi King assured US President the Riyadh is able to use oil production reserves to stabilize markets and that the two leaders agreed on the need for a balanced global oil market.

Earlier, Trump had said on Twitter that he'd spoken to the Saudi King about the need to increase Saudi Arabia's oil production "maybe up to 2,000,000 barrels" due to the unstable situation in Iran and Venezuela, stressing that the Saudi leader had agreed to the proposal.

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!

— Donald J. Trump (@realDonaldTrump) June 30, 2018

​The White House has issued a statement on late Saturday on the nature of the conversation between the two leaders. "The two leaders agreed that balancing the global oil market is essential to ensure access to reliable and affordable energy to people everywhere. In response to the President’s assessment of a deficit in the oil market, King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality," the statement said.

READ MORE: Trump Request for Saudi Oil Output Rise Amounts to Call for Exiting OPEC — Iran

Shortly after Trump's announcement on Twitter, the Saudi SPA news agency reported that the leaders reaffirmed their commitment to maintaining stability of the oil market and global economic growth, without mentioning the agreement announced by Trump. A high-ranking Saudi official said that the kingdom made no concrete promises to Trump but assured him of its ability to satisfy the market’s demands, The Wall Street Journal reported at the time.