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Trump: Saudis agree to large oil production hike

Donald Trump and Saudi Arabia King Salman.
President Trump and King Salman at the 2017 Arabic Islamic American Summit. Photo: Bandar Algaloud / Saudi Kingdom Council / Handout/Anadolu Agency/Getty Images

President Trump said on Twitter Saturday morning that King Salman of Saudi Arabia has agreed to increase its oil production by as much as 2 million barrels per day "because of the turmoil and disfunction in Iran and Venezuela."

The big picture, from Axios' Ben Geman: A number of analysts have pointed out that, by publicly pressing OPEC for higher production in recent weeks and months, Trump could be seeking to gain politically from a production-increase that the cartel and Russia were slated to make anyway, because the market has tightened considerably. Elevated oil prices — and hence, higher gasoline prices than in recent years — could be politically perilous for Republicans in an election year.