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US President urges Saudi Arabia to increase oil production

US President Donald Trump has urged Saudi Arabia to increase its oil production to combat the rising cost of fuel. In a tweet message, Mr Trump asked Saudi ruler King Salman to raise oil output by up to two million barrels a day. Mr Trump said, the move was needed due to “turmoil and dysfunction in Iran and Venezuela”.

Oil prices rose last week, partly due to US plans to reimpose sanctions on Iran, a major oil producer. The OPEC oil producers’ group agreed to increase output, as did Russia, but this failed to reassure markets.

Source: AIR