Saturday, 17 November, 2018


Oil slips as Saudi raises output towards record

US President Donald Trump speaks during a Oil slips as Saudi raises output towards record
Bennie Garza | 04 October, 2018, 05:59

President Donald Trump said the king of Saudi Arabia may not last two weeks without USA support, escalating pressure on one of his closest Arab allies to curb rising oil prices and pay for military protection.

Trump continued the pressure campaign at a campaign rally in MS on Tuesday, where he offered some details about the conversation. Trump discussed with King Salman efforts to maintain supplies to ensure oil market stability as crude prices are rising. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

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.

"We protect Saudi Arabia", Trump proclaimed at a rally in Southaven, Mississippi.

A new report from Reuters says that Russian Federation and Saudi Arabia "struck a private deal" in September to increase production in order to suppress oil prices.

Also, Russia and Saudi Arabia reportedly struck a private deal in September to raise oil output to reduce prices, and informed the United States about this move before a meeting in Algiers with other oil producers. Would you say they are rich? A barrel of oil now costs about $75, continuing a steady increase over the past year.

Oil prices remain firm on Iran sanctions, with both West Texas Intermediate crude oil, the US benchmark, and Brent crude, the worldwide benchmark, trading at multiyear highs.

Trump made Saudi Arabia his first stop on his maiden worldwide trip as president a year ago. Trump and King Salman last shared a reported telephone call on Saturday.

He further added, "we defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".

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". "But we don't get what we should be getting", he said at a rally in West Virginia.

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