Given U.S. president Donald Trump's repeated blasting this summer of the Organization of the Petroleum Exporting Countries (OPEC) causing high oil prices, it was inevitable that he would resume focus following this week's disclosure that member Saudi Arabia could live with prices over $80 per barrel.
"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!" he tweeted.
Oil futures inched up on Friday amid concerns over supply as US sanctions on Iran's crude exports loom, although calls by US President Donald Trump for lower oilprices dragged.
USA oil futures surged almost 2 percent on Wednesday as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.
USA crude futures ended Wednesday's session up $1.27 a barrel, or 1.8%, at $71.12/Bbl, its best closing price since early July, Kallanish Energy reports.
Global benchmark Brent crude was up 8 cents at $79.48 a barrel after rising half a percent on Wednesday. The last time the United States led the world in oil production was 1973.
US crude oil stockpiles fell 2.1 million barrels in the week to September 14 to 394.1 million barrels, the lowest level since February 2015, EIA data showed.
Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels. Earlier this month, Saudi shipments into the USA reached a four-week average of 1 million barrels a day for the first time since late 2017, according to government data. "It is humble enough to know it can't dictate the price of oil".
For this year's April-September driving season, the EIA expects United States regular gasoline retail prices to average $2.87 a gallon, up 19% from a year ago, mostly due to expectations of higher crude oil prices. Although many buyers have scaled back purchases, it is unclear how easily other producers can compensate for any lost supply.
One glaring absence from the Algiers proceedings will be Iranian oil minister Bijan Zanganeh, who has railed against Saudi Arabia and Russian Federation increasing production as Iran's market share is threatened.
Gordon Gray-HSBC's global head of oil and gas equity research-says that oil market assets are progressively more supportive for crude prices, at least presently.
Falih met with Russian counterpart Alexander Novak last weekend to align their positions, with the two ministers saying in a joint statement that they remained committed to "ensuring the adequacy of oil supplies, especially considering market uncertainties on the horizon".