Saudi Arabia And Russia Make Secret Oil Deal

Mandel Ngan  AFP  Getty Images

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

Trump did not specify when he made the remarks to the Saudi monarch but they come on the back of increasing oil prices in the US.

"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.

The Saudi Arabian monarchy would fall "within two weeks" if it wasn't for the military support that the United States has provided to the Gulf kingdom over the decades, Donald Trump noted in graceless remarks to the King. Would you say they are rich? However, analysts are warning prices could go up to $100 a barrel as the world's production is already stretched and Mr. Trump's sanctions on Iran's oil industry take effect in early November.

Trump did not elaborate further on the conversation but appeared to be referring to a telephone call he had on Saturday with King Salman bin Abdulaziz. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase.

Despite the harsh words, the Trump administration has had a close relationship with Saudi Arabia, which it views as a bulwark against Iran's ambitions in the region.

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.

The climb in oil prices comes even as Saudi Arabia reported, according to Reuters, that its oil production is near a record. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".

"When you have wealthy countries like Saudi Arabia, like Japan, like South Korea, why are we subsidising their military?" asked Trump, who pushes an aggressive "America first" policy on trade.

Trump criticized oil producers in his speech before the U.N. General Assembly last week. "Not good. We want them to stop raising prices, we want them to start lowering prices".

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