Saudi energy minister: I do not influence oil prices

Saudi Arabia Energy Minister Khalid Al Falih said on Sunday he does not influence oil prices, just two days after U.S. President Donald Trump called on OPEC to bring down the cost of fuel.

"I do not influence prices," Falih told reporters in Algiers ahead of a meeting of OPEC ministers and allies such as Russia to discuss the situation in oil markets.

Benchmark Brent oil reached $80 a barrel this month, prompting Trump to call again on the Organization of the Petroleum Exporting Countries to lower prices.

"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. The OPEC monopoly must get prices down now!" Trump wrote on Twitter.
Further oil output hike in question

A panel comprised of ministers from OPEC and allied oil producers meeting on Sunday is unlikely to recommend a further increase in crude production from that agreed in June, five OPEC and non-OPEC sources told Reuters.

The panel is also unlikely to decide how to distribute the output increase of 1 million barrels per day decided when OPEC and allied producers last met in June, sources said.