I told Saudi king he wouldn't last without USA support

US President Donald Trump speaks during a
Trump told Saudi King he wouldn’t last ‘2 weeks’ without US support

04 October, 2018

The White House said Trump and the king spoke on "issues of regional concern".

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

Also, the secrecy behind the private deal is interesting.

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.

Brent is trading comfortably over $80 a barrel.

It may not be surprising then that the Reuters report came out when it did.

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On Wednesday, Saudi oil minister Khalid al-Falih confirmed the increase in supply, telling reporters that Saudi output now stands at 10.7 million barrels per day (mb/d), right around the country's all-time record high. There is also an American military presence in the UAE, Iraq, Jordan, and Oman, which can rush to help Saudi Arabia at a moment's notice. "We've increased production quite significantly".

Trump called King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, according to Saudi state news agency SPA. "You have to pay for your military'".

"We protect Saudi Arabia", Trump proclaimed at a rally in Southaven, Mississippi. "But I said 'King - we're protecting you - you might not be there for two weeks without us - you have to pay for your military, '" the president said to cheers at the rally.

Oil prices have risen in recent weeks ahead of U.S. sanctions on Iran - set to be imposed early next month. Would you say they're rich?

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.

Sources told Reuters that Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak agreed to hike production during a series of meetings.

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