White House clarifies Trump's tweet on Saudi oil output

Saudi Arabia’s King Salman has told US President Donald Trump that the Kingdom maintains a spare capacity of 2 million barrels per day (bpd), which it can use if required to ensure market stability and balance, the White House said in a statement on Saturday.

The statement served to clarify President Trump’s earlier tweet that appeared to suggest that Saudi Arabia had agreed to boost output by 2 million bpd.

President Trump on his Twitter account had said that he had received assurances from King Salman that Saudi Arabia will increase oil production, "maybe up to 2,000,000 barrels."

“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 White House statement read.

The two leaders agreed that balancing the global oil market is essential to ensure access to reliable and affordable energy to people everywhere, it added.