How a surprise deal to boost oil supply could ‘stir the pot’ in the Mid East, and test Saudi Arabia

According to President Trump, the world’s 3rd largest oil producer will inject up to 2 million barrels a day to world oil markets — a figure Saudi officials did not immediately verify in a readout confirming the call between Trump and Salman. In a statement issued later in the day, the White House softened the 2 million barrel target, saying that Salman “affirmed” its spare capacity, “which it will prudently use if and when necessary” to smooth out oil markets.

Gas prices have risen in tandem with crude, ramping up political pressure on Trump as he fights a multi-front trade dispute that has roiled markets and threatens the global growth outlook.

https://www.cnbc.com/2018/06/30/oil-deal-may-stir-the-pot-in-the-middle-east-and-test-saudi-capacity.html

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s