I told Saudi king he wouldn't last without US support: Donald Trump
Oct 04 2018
Brent crude oil was trading at $84.65 (£65.09) per barrel this afternoon, having dropped from a high of $85.33 earlier in the day and near the four-year high it reached on Monday.
Trump did not say when he made those remarks to the Saudi monarch, but they come amid increasing oil prices in the US. You might not be there for two weeks without us.
Trump didn't elaborate on when he spoke to the king.
Trump called King Salman on Saturday to discuss efforts to maintain supplies to ensure oil market stability and global economic growth, according to Saudi state news agency SPA.
It remains to be seen if Trump can convince the Saudis to take a more aggressive line, although it should be noted that Saudi Arabia's decision to increase production by 300,000 bpd from August levels is not trivial. Riyadh has worked to cultivate warm relations with Mr. Trump after having rocky moments with former President Barack Obama. His administration, particularly his son-in-law Jared Kushner, has sought a close relationship with King Salman's son Mohammed bin Salman, the country's crown price and next in line to the throne. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase.
The price of USA crude oil has increased sharply ahead of U.S. sanctions on Iran and on concerns about Venezuelan output but further strong gains in the immediate future seem unlikely.
Reuters reported on Wednesday that Russian Federation and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers.
Speaking at the United Nations General Assembly in NY last month, Trump said OPEC members were "as usual ripping off the rest of the world". It was around $50 (€43) a year ago.
"OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don't like it".
"They'll pay us. The problem is nobody ever asks".
The US crude oil price is pausing for breath after its strong advance ahead of US sanctions on Iran, which take effect on November 4. "Not good. We want them to stop raising prices, we want them to start lowering prices", Trump said.