Last Saturday, Donald Trump, the President of the United States of America, called King Salman, the King of Saudi Arabia, and they talked about the efforts being made to maintain supplies to make sure that the oil market remains stable and to sustain and global economic growth. The news was reported by the SPA, the Saudi state news agency.
The call comes days after the U.S. president slammed the OPEC for high oil prices. He urged the exporting group to increase crude output to cool the market ahead of the midterm elections for U.S. Congress members this coming November.
Saudi Arabia is the top oil exporter in the world. It is also the de-facto leader of the OPEC.
Talking at the United Nations General Assembly that was held in New York last week, Trump said that the members of the OPEC were “as usual ripping off the rest of the world.”
On Tuesday, Trump stated: “I don’t like it. Nobody should like it.”
He added: “We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices. Not good. We want them to stop raising prices, we want them to start lowering prices.”
In a statement, the White House said that the two leaders had a call “on issues of regional concern.” No further details were disclosed.
Last Friday, oil prices increased by more than 1 percent. rent climbed to a four-year high, as the U.S. sanctions on Tehran squeezed the crude exports of Iran, tightening the supply even as the other key exporters raised their production.
Brent crude LCOc1 futures settled at a price of $82.72 per barrel, while the U.S. West Texas Intermediate (WTI) crude CLc1 futures were priced at $73.25 per barrel.
Saudi Arabia is anticipated to add oil to the market to offset the decline in the production of Iran. Some sources who are familiar with the policy of OPEC informed Reuters that Saudi Arabia and other OPEC and non-OPEC producers had talked about the possible increase in production of approximately 500,000 barrels per day (bpd).
However, OPEC and other major oil producers have so far ruled out any immediate official boost in output. The move effectively rebuffed the calls of Trump on oil producers to take action.