Following the imposition of sanctions against Iran, Saudi Arabia has announced that it will cut oil production in the oil price dispute. It is well known that the US wants to control production by increasing production.
Saudi Arabia has announced it will cut daily oil production despite rising oil prices. The US and Russia will continue to increase oil production, while Saudi Arabia has announced that it will make 500 thousand barrels a day in December.
The Organization of Oil Exporting Countries (OPEC), led by Saudi Arabia, has decided to increase world-wide oil supply per million barrels per day under the agreement signed by 10 countries, including Russia. Russia and the US have reached record levels of production since May.
US President Donald Trump demands increased oil production and lower oil prices. This week, oil prices in the last eight months fell to the lowest level and traded at $ 69.15.
While sanctions imposed on Iran include oil, the Trump administration wants the American allies not to enter Iranian oil. Saudi Arabia and Russia fill the market share of Iran. Iran responds to this situation.