President Donald Trump said he received assurances that Saudi Arabia will increase its oil production.

President says he received assurances from King Salman

BERKELEY HEIGHTS, N.J. — President Donald Trump said Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place but mentioned no production targets.

Trump wrote on Twitter that he had asked the king in a phone call to boost oil production “to make up the difference … Prices to (sic) high! He has agreed!”

A little over an hour later, the state-run Saudi Press Agency reported on the call but offered few details.

“During the call, the two leaders stressed the need to make efforts to maintain the stability of oil markets and the growth of the global economy,” the statement said.

Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran after the U.S. pulled out of the nuclear deal between Tehran and world powers. Prices also have risen with unrest in Venezuela and fighting in Libya over control of that country’s oil infrastructure.

Last week, members of the Organization of the Petroleum Exporting Countries cartel led by Saudi Arabia and non-cartel members agreed to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.

If Trump’s comments are accurate, oil analyst Phil Flynn said, it could knock $2 or $3 off a barrel of oil. But he said it’s unlikely that decrease could sustain itself as demand spikes.

Other analysts were more doubtful about immediate effects.

Trump appears to be trying to “talk the market down,” said Lawrence Goldstein, who directs the Energy Policy Research Foundation. He questioned whether Trump’s words would do anything to reverse the effects on the market of declining Iranian oil production.