US President Donald Trump has persuaded Saudi Arabia’s king to increase oil production to make up for a shortfall from Iran, Venezuela and Libya.

Quick to ramp up oil output under pressure from the US, Saudi Arabia has discovered that global markets might not need it, at least for now, The Independent wrote, citing financial experts.

In May, Riyadh’s crude oil production spiked to a three-year high in response to Washington’s demand that the oil-rich kingdom help keep gasoline prices in check and fill the supply gap when US sanctions on Iran enter into effect in November.

However, the Saudis are now hard put selling their extra oil, privately admitting that they may have been too quick in jacking up oil output.

Source: Sputnik