Saudi Arabia would not last 2 weeks without US

US President Donald Trump speaks during a

West Texas Intermediate for November delivery climbed 37 cents to US$75.60 at 11:14 a.m. on the New York Mercantile Exchange.

Since winning the White House, Trump has shaken the foundations of America's post-World War II alliances, questioning the importance of the North Atlantic Treaty Organization, pulling out of a nuclear accord with Iran that European powers helped negotiate and saying in the midst of a trade war that the European Union was a "foe".

Brent crude, the global benchmark, fell 12 cents to $84.68 a barrel at 1125 GMT, reversing an earlier gain.

The report is an indication that Saudi Arabia was trying to respond to pressure from President Trump to lower oil 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. Its record is 10.72 million barrels a day. "We have cut our forecast for 2018 demand growth by a whopping 300,000 bpd to below 1.1 million bpd", it said.

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They forced the White House to open a supplemental background investigation of sexual misconduct allegations against the judge . Though the FBI takes its orders from Trump, he said he's being "guided" by senators on the investigation's scope.

In addition to lowering oil prices, Trump has called on close US allies to shoulder more of the cost of defense spending, but Tuesday warning marked the most serious criticism of Riyadh.

A US Senate subcommittee will hear testimony on the No Oil Producing and Exporting Cartels Act or NOPEC, which would revoke OPEC's immunity from US legal action.

OPEC and its allies have been limiting supply since 2017 to get rid of a glut. "We want them to start lowering prices and they must contribute substantially to military protection from now on". The drop in exports is reducing the impact of an OPEC production increase agreed in June. Iraq reiterated that stance on Wednesday.

Traders said global oil markets remained tense because of the looming United States sanctions against Iran's oil exports, which kick in from November 4.

"Data for last week showed a much more significant than expected. build in USA commercial crude (inventories), which generally suggests that oil prices should tumble", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

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