Saturday, 19 October, 2019

Oil retreats further from 4-year high as Saudi pumps more

Trump: Saudi King wouldn't last 'two weeks' without US support Saudi king wouldn’t last 2 weeks without US support: Donald Trump
Patty Aguilar | 04 October, 2018, 01:24

As oil prices have risen above US$80 a barrel, Trump has heaped more pressure on the world's top exporter of crude to do more to subdue the market and reimburse the costs of American military presence in the region.

US President Donald Trump (C) receives the Order of Abdulaziz al-Saud medal from Saudi Arabia's King Salman bin Abdulaziz al-Saud (R) at the Saudi Royal Court in Riyadh on May 20, 2017.

"If we look at the two countries' rise of production in comparison to their commitments in the Declaration of Cooperation, we see Saudi Arabia and Russian Federation have had respectively a 346,000 and 250,000 BPD output rise, and this production rise is a violation to the (OPEC) agreement on output cut", Kazempour Ardebili said. "You have to pay for your military, you have to pay'".

Benchmark Brent crude oil is near $85 a barrel - a four-year high - and analysts say it could reach $100 as United States sanctions on Iran resume in November. Would you say they're rich.

Trump, speaking on Tuesday, did not say when he made the remarks to the Saudi monarch, the Reuters news agency reported.

Saudi Energy Minister Khalid al-Falih said on Wednesday the kingdom had raised output to 10.7 million barrels per day in October.

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The comments come just days after Trump complained that Washington was "subsidising" Saudi Arabia's military, echoing similar jibes at European members of the North Atlantic Treaty Organisation alliance.

Trump added that he had spoken to Saudi Arabia's King Salman on Saturday to make the same point, the AFP news agency reported.

"They'll pay us. The problem is nobody ever asks".

Last year Trump made Saudi Arabia his first stop on his maiden global trip as a president. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".

The call grabbed the attention of oil traders and hedge funds, who are watching closely for any signs that the USA might take action against Saudi Arabia or other members of OPEC after Trump used his address at the United Nations General Assembly in NY on September 25 to hammer home those views.

"OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don't like it". They partially relaxed the cut in June, under pressure from U.S. President Donald Trump to cool prices.

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