Economy

Saudi King would not last 'two weeks' in power without United States support

Saudi King would not last 'two weeks' in power without United States support

"You have to pay for your military, you have to pay'".

Trump called King Salman on Saturday to discuss efforts to maintain supplies to ensure oil market stability and global economic growth, according to Saudi state news agency SPA.

The presence of the USA 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.

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There was no immediate reaction Wednesday in Saudi Arabia to Mr. Trump's remarks. "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. Would you say they are rich? Riyadh has worked to cultivate warm relations with Mr. Trump after having rocky moments with former President Barack Obama. Saudi Arabia was the USA leader's first stop during his first worldwide tour as president past year.

But oil prices seem to be getting in the way, especially as benchmark Brent crude oil is near $85 a barrel - a four-year high.

Saudi Arabia and Russian Federation have increased production as a result but last month Opec and non-Opec members ruled out a further hike to compensate for the expected 2m barrel a day loss from Iran. Saudi Arabia now produces some 10 million barrels of crude oil a day.

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US crude inventories jumped 8 million barrels last week, quadruple analysts' expectations and the biggest build since March 2017, the Energy Information Administration said. It was around $50 (€43) a year ago.

The call grabbed the attention of oil traders and hedge funds, who are watching closely for any signs that the USA might take action against Saudi Arabia or other members of OPEC after Trump used his address at the United Nations General Assembly in NY on September 25 to hammer home those views. "Nobody should like it", he said. "We want them to start lowering prices and they must contribute substantially to military protection from now on".

The US crude oil price is pausing for breath after its strong advance ahead of US sanctions on Iran, which take effect on November 4. Not good. We want them to stop raising prices.

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