Just in time for the height of the summer driving season, Saudi Arabia’s government said Tuesday that it will stands ready to pump more oil
“The kingdom is prepared to utilize its spare production capacity when necessary to deal with any future changes in the levels of supply and demand,” a statement from the Saudi cabinet statement said Tuesday, according to the official Saudi Press Agency.
Oil briefly touched $75 a barrell on Tuesday before retreating following the news of the Saudi government decision. The announcement was made following a cabinet meeting headed by Saudi Arabia’s King Salman bin Abdulaziz Al Saud.
The White House said Saturday that King Salman had promised President Donald Trump that he would raise oil production if needed. The U.S. president and the Saudi King spoke on Friday, according to the White House.
President Trump also touted the promise in a tweet Saturday.
“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,” Trump tweeted.