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Commodities

Trump Seeks China's Help in Boosting Oil Production Amid Global Shortages

Guavy AI Editorial Team
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President Trump requested that his Chinese counterpart Xi Jinping increase petroleum production in China during their meeting, according to the White House. The request came as the world deals with decreasing oil supplies and increasing prices due to the ongoing conflict between Iran and Saudi Arabia.

The global energy supply has tightened significantly since the war escalated, despite efforts by the US to escort tankers out of the Persian Gulf. The situation worsened when the Bab el-Mandeb Strait was closed to Saudi-flagged oil tankers following revived fighting between the Iran-backed Houthis and Saudi-backed Yemeni government.

The Brent crude price closed the week at $104 a barrel, mirroring its opening price despite rising to $108 on Thursday.

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