Saudi oil output reaches record highs, cooling oil prices

Saudi oil output reaches record highs, cooling oil prices

Saudi oil output reaches record highs, cooling oil prices

Trump did not say when he made those remarks to the Saudi monarch, but they come amid increasing oil prices in the US.

U.S. sanctions on Iran's petroleum sector are set to take effect next month after U.S. President Donald Trump withdrew from the Iran nuclear deal in May. The White House said Trump and the king spoke on "issues of regional concern".

"We're meeting every single demand for barrels", Al-Falih said.

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.

Oil prices have been climbing as buyers have already started steering clear of Iran before the implementation of USA sanctions starting November 4.

Saudi Arabia is the world's top oil exporter and the de facto leader of the oil producing bloc, OPEC, which has been criticised by Trump for high oil prices.

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-Saudi Arabia appears to be bowing again to pressure from Trump. Trump said, in his -N General Assembly speech in NY last month, that OPEC members were ripping off the rest of the world.

Russian output rose 150,000 bpd in September. "We've increased production quite significantly".

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

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

There was no immediate reaction Wednesday in Saudi Arabia to Mr. Trump's remarks.

The presence of the United States military in Saudi Arabia, home to the two holiest sites in Islam - Mecca and Medina - was strongly objected to by most of the world's Muslim population, according to opinion polls published by Gallup in 2009. "OPEC is not trying to manipulate the price, it's trying to bring the market to balance", he told CNBC.

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