Saudi oil output reaches record highs, cooling oil prices

Kenny Grant
October 4, 2018

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. The record high for Saudi output is 10.72 million bpd in November 2016.

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. Intriguingly, the pair apparently phoned the US before the Algiers meeting in late September to relay the details of their plan.

Speaking at the United Nations General Assembly in NY last month, Trump accused OPEC members of "ripping off the rest of the world".

Oil prices have been climbing as buyers have already started steering clear of Iran before the implementation of US sanctions starting November 4. "We've increased production quite significantly".

Nevertheless, the White House still does not appear to be completely mollified. 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. At a rally in MS on Tuesday, he said the Middle Eastern country wouldn't last two weeks without USA military protection.

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"How about our military deals where we protect rich nations that we don't get reimbursed?" At the end of September, Trump reportedly called the Saudi King, and although the nature of that conversation was not disclosed, most oil watchers believed that the call was an attempt to pressure the Saudis into increasing oil supply.

Trump has yet to demand payment for keeping United States troops in the oil-rich region, but the U.S. president did urge them to lower oil prices in return for security last week.

Criticizing America's longstanding military relationships with allies has been a hallmark of Mr. Trump's presidential campaign and his time in office.

-At the Russian Energy Week conference in Moscow on Wednesday, Al-Falih has the opportunity to recalibrate this message, if he wishes. "OPEC is not trying to manipulate the price, it's trying to bring the market to balance", he told CNBC.

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