I told Saudi king he wouldn't last without US support: Donald Trump

I told Saudi king he wouldn't last without US support: Donald Trump

While Trump failed to mention when the undiplomatic remarks were made to King Salman, it is known that the two leaders held a phone conversation on Saturday to discuss global oil supplies.

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 US sanctions against Iran despite some sentiment that the sanctions won't stick.

The price has already climbed to its highest since November 2014 as Iranian supplies seem to be falling ahead of the sanctions and other producers have failed to fill the gap but the latest USA inventory data suggest that the advance may stall near-term.

USA crude inventories jumped 8 million barrels last week, quadruple analysts' expectations and the biggest build since March 2017, the Energy Information Administration said. The price hit $85.45 on Monday, its highest since November 2014. Its record is 10.72 million barrels a day.

"Saudi is still very timid, the market wants to see something more proactive", said Petromatrix analyst Olivier Jakob.

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

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The Organization of the Petroleum Exporting Countries and its allies have been limiting supply since 2017 to get rid of a glut.

Saudi Arabia now produces some 10 million barrels of crude oil a day.

Trump made an undiplomatic remark about close ally Saudi Arabia on Tuesday, saying he warned Saudi Arabia's King Salman he would not last in power "for two weeks" without the backing of the US military.

So far, OPEC has ruled out any further production increase, beyond fully delivering the boost agreed in June.

A strong dollar, which makes oil imports more expensive for countries using other currencies and an industry report showing rising USA inventories also weighed on prices.

"If we look at the two countries' rise of production in comparison to their commitments in the Declaration of Cooperation, we see Saudi Arabia and Russian Federation have had respectively a 346,000 and 250,000 BPD output rise, and this production rise is a violation to the (OPEC) agreement on output cut", Kazempour Ardebili said.

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