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Trump and Saudi Arabia's King Salman attend the Arab Islamic American Summit in Riyadh

Saudi Arabia to ramp up oil production to near records after Trump railed against OPEC

Saudi Arabia has "significantly" raised crude production to near record levels of 10.7 million barrels a day, Bloomberg reported, citing the country's energy minister. The move comes amid pressure from US President Donald Trump, who has been railing against OPEC and rising oil prices.
A oil pump is seen at sunset outside Scheibenhard

Oil prices will ‘certainly’ go above $90 after sanctions on Iran and Venezuela ‘tighten the market,’ says energy and geopoliti...

Iran supply fears will help drive oil "certainly" past $90 and likely above $100 in the coming months, Richard Mallinson, energy and geopolitics expert and co-founder of Energy Aspects told BI. Venezuela "played a really important role in accelerating the shift in the market" as well since 2016

OPEC and Russia shrug off US pressure to cut oil prices

OPEC leader Saudi Arabia and its biggest oil producer ally outside the group, Russia, have pushed back against attempts by US President Donald Trump to reduce the price of oil, announcing on Sunday that there would be no additional price decrease in the near term, Reuters reported.

Trump accuses ‘OPEC monopoly’ of pushing oil prices higher and says ‘they must get oil prices down now!’

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember," President Donald Trump tweeted on Thursday. "The OPEC monopoly must get prices down now!"
Glen Crabtree, a floor hand for Raven Drilling, lubricates a pipe while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota

Oil drops after data shows unexpected jump in US inventories

Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.

Oil jumps as war of words between US and Iran leaves traders on edge

Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.
Saudi Arabia's King Salman bin Abdulaziz Al Saud (L) receives US President Donald Trump for the Arab Islamic American Summit in Riyadh, Saudi Arabia May 21, 2017.

Saudi Arabia slashes oil prices after Trump slams the ‘OPEC monopoly’

Saudi Arabia's state-run oil giant cut its prices on Thursday for first time since February after President Donald Trump lashed out at OPEC for rising US gas prices.
President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018.

Iran asks Trump to stop tweeting about oil — because it’s driving prices up

"Please stop it, otherwise it will go even higher!" Iran's OPEC Governor Hossein Kazempour Ardebili said in a statement, according to the country's Shana news agency.
Roughneck Brian Waldner is covered in mud and oil while wrestling pipe on a True Company oil drilling rig outside Watford, North Dakota.

Oil is rallying toward fresh highs as US crude inventories see biggest drop since 2016

Oil rallied more than 2% on Wednesday as data showed US crude inventories last week saw the largest drawdown in nearly two years.

Oil is sliding after OPEC cuts a deal to raise production

Oil prices fell Monday after OPEC and other supply-cutting countries led by Russia agreed to gradually ease oil supply cuts that have been in place for nearly two years.