Saudi Arabia confirms call with Trump on oil market stability

Saudi Arabia on Saturday confirmed that United States President Donald Trump and its King Salman have spoken about the "stability" of the oil markets, but made no mention of any deal for Riyadh to boost production.

"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," RadioFreeEurope Radio Liberty (RFE/RL) reported, citing a statement on the state-run Saudi Press Agency, as saying.

Earlier in the day, Trump said that Saudi Arabia's King Salman has agreed to his request of raising the oil production "maybe up to 2,000,000 barrels" in order to bring prices down.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! He has agreed! (sic)," Trump tweeted.

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

This comes barely days after the United States has asked countries to cut all oil imports from Iran by the start of November or else face powerful US sanctions.

With this move, the Trump administration has increased pressure on allies to stop funding to Iran.

On June 27, US Ambassador to the United Nations Nikki Haley, who was on a three-day visit to India, told Prime Minister Narendra Modi that it was imperative for India to cut its dependence on Iran for oil.

It is pertinent to mention here that Iran, OPEC's third-biggest oil producer, exports more than 2 million barrels a day.