Despite its supposed promise to the United States to ramp up its oil production in the face of a tightening oil market, Saudi Arabia does not have the capability to ramp up its oil production to the tune of 2 million barrels per day, according to Venezuela’s Ambassador to Iran, Gregorio Gonzalez, in a statement to MEHR News Agency on Friday. Saudi Arabia had assured President Donald Trump in early July that it could raise oil production if necessary, stating that it had sufficient spare capacity to bring online an additional 2 million barrels per day . The Kingdom’s promise followed a series of Tweets by President Trump that chastised the cartel for underproducing and manipulating oil prices. Saudi Arabia’s promise to President Trump to lift production was not well received by all members of the cartel, particularly Iran. Today, Venezuela chimed in on Saudi Arabia’s planned production hike […]