- Trump said Saudi Arabia will boost oil production by 2 million barrels per day.
- But analysts have predicted Saudi Arabia will add as much as 800,000 to 1 million barrels per day.
- Saudi Arabia is unlikely to use up most of its spare capacity, and an output increase of that size would take a long time.
President Trump said in a tweet on Saturday that Saudi Arabia agreed to boost oil production by 2 million barrels per day (mb/d), a claim that surely came as news to the Saudis.
The tightening of the oil market has pushed up prices, which is always a concern for U.S. politicians wary of catching heat from their constituents.See the rest of the story at Business Insider
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