July 1, 2018 / 1:45 AM / 2 months ago

Saudi Arabia pledged to expand oil capacity if needed: White House

WASHINGTON (Reuters) - Saudi Arabia’s leader has promised U.S. President Donald Trump that the country will produce more oil if needed and that it has 2 million barrels per day of spare capacity, the White House said on Saturday.

FILE PHOTO: Saudi Arabia's King Salman bin Abdulaziz Al Saud talks during the opening of 29th Arab Summit in Dhahran, Saudi Arabia April 15, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Trump told King Salman bin Abdulaziz Al Saud that the oil market could use a boost in production when the two men spoke on Friday, the White House said. The king said he was ready to boost production if needed, the White House said in a statement.

“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,” the statement said.

Reporting by Patrick Rucker; editing by Jonathan Oatis

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