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    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 balanced global oil market, the White House said in a statement following Trump’s earlier announcement on Riyadh oil production increase.
    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 balanced global oil market.
    Earlier, Trump said on Twitter that he spoke to the Saudi king about the need to increase Saudi Arabia’s oil production “maybe up to 2,000,000 barrels” due to unstable situation in Iran and Venezuela, stressing that the Saudi leader agreed with the proposal.The White House has issued a statement on late Saturday on the content 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.
    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 the 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 back then.

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