As we continue to ping-pong back between our better Angels saying Don’t listen to the Liar-in-Chief and our much more fun Debbil saying, Can you believe what this asshole said!!?, well, somewhere in there there is actually a factual record.
We present the following Tweet, your Honors:
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction 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!
— Donald J. Trump (@realDonaldTrump) June 30, 2018
Saudi Arabia later acknowledged a call had taken place between the two leaders, but did not mention any production targets.
And then, amazingly, the Administration walked it back:
The White House late Saturday issued a statement backing down from Donald Trump’s earlier tweet indicating that he had convinced Saudi Arabia’s king to produce as much as 2 million barrels of additional oil a day to bring prices down.
The White House statement said instead that while King Salman bin Abdulaziz confirmed his country has the extra production capacity, the Saudis will “prudently” use it “if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality.”
So, it wasn’t that OPEC said it would do this thing, it was that they said that they could do it. Best quote:
“This incident with the Saudis and the U.S. administration is just noise … You cannot order 2 million barrels like ordering a coffee somewhere,” Beat Wittmann, a partner at financial consultancy Porta Advisors, told CNBC’s “Squawk Box Europe” Monday.
And here’s some amusing analysis: