Saudi Arabia And Russia Make Secret Oil Deal

Aaron Brown
October 4, 2018

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.

Driving oil higher is a supply pinch as Iranian oil buyers like South Korea and India have started to scale back purchases ahead of the implementation of USA sanctions against Iran despite some sentiment that the sanctions won't stick.

In this photo provided by the Saudi Press Agency, King Salman attends a swearing in ceremony in Riyadh, Saudi Arabia, on November 6, 2017.

Oil prices have risen in recent weeks ahead of USA sanctions on Iran - set to be imposed early next month.

"We protect Saudi Arabia", Trump proclaimed at a rally in Southaven, Mississippi. Would you say they are rich?

Falih, speaking at a Moscow energy conference, said Saudi Arabia was in weekly communication with Russian Federation to stabilise global oil markets, which have surged over the past few weeks.

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Criticizing America's longstanding military relationships with allies has been a hallmark of Mr. Trump's presidential campaign and his time in office. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".

The price of United States 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.

US crude inventories rose by 907,000 barrels in the week to September 28, to 400.9 million barrels, the American Petroleum Institute said Tuesday, ahead of Wednesday's official supply report from the US Energy Information Administration due at 1430 GMT.

Speaking at the United Nations General Assembly in NY last month, Trump accused OPEC members of "ripping off the rest of the world". "We want them to start lowering prices and they must contribute substantially to military protection from now on".

Saudi Arabia's oil output has reached record highs - and the country could further boost production next month as USA sanctions on Iran edge closer.

Trump, facing political pressure at home, has been calling on OPEC and allies like Saudi Arabia to boost their production to lower global crude oil prices.

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