Oil Analysts Weigh In On Trump’s Saudi Tweet

The leader of Saudi Arabia has assured U.S. President Donald Trump that the Kingdom can raise oil production if needed and the country has 2 MMbbl/d of spare capacity that could be deployed to help cool down oil prices to compensate for falling output in Venezuela and Iran.

In a tweet on June 30, Trump said Saudi Arabia had agreed to increase output by up to this amount, although a subsequent statement from the White House rowed back on this assertion.