Brent crude, the global oil benchmark, topped $80 a barrel on May 17, the highest level since November 2014.
Rising oil prices are impacting American prices at the pump.
In case of need Saudi Arabia can use the available reserves to increase production of oil, is in conversation with the President of the United States Donald trump promised Saudi Arabia's king Salman, the White house said.
State Department officials said this week the United States is prepared to work with countries on a case-by-case basis to help them reduce imports of Iranian oil. He says the increased production is necessary due to "dysfunction in Iran and Venezuela".
Saudi Arabia regulates its oil production in agreement with other members of the Organization of Petroleum Exporting Countries.
"The two leaders agreed that balancing the global oil market is essential to ensure access to reliable and affordable energy to people everywhere", it said.
Saudi Arabia was producing around 10 million barrels of crude a day in May, according to Opec. OPEC and Russian Federation reached a complicated agreement during the talks, with OPEC agreeing to pump more oil - but perhaps not as much as some had expected. But he said it's unlikely that decrease could sustain itself as demand spikes, leading prices to rise by wintertime. He tweeted in April: "Looks like OPEC is at it again. Need to keep prices down!"
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USA crude prices for the front-month contract jumped by just over 8% for the week, nearly 11% for June and rose over 14% for the second quarter.
"President Trump's reckless decision to pull out of the Iran deal has led to higher oil prices", Senate Minority Leader Charles Schumer, D-N.Y., said last month during a photo op outside an Exxon station.
Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the U.S. pulling out of the nuclear deal between Tehran and world powers.
Meantime, a major oil producer in Canada suffered a power outage, disrupting the flow of crude to the United States, and outages in Libya and Angola further reduced global supply. "There is no way one country could go 2 million barrels a day above their production allocation unless they are walking out of OPEC", he said. These mainly include Saudi Arabia, Russia, the UAE, Kuwait, Iraq and Kazakhstan.
Output is expected to rise to 11 million barrels in July, according to Reuters.
On Saturday, Iranian Supreme Leader Ayatollah Ali Khamenei said the USA was trying to drive a wedge between Iranians and their government using "economic pressure". Added to the losses from Venezuela, is there enough capacity to replace the lost Iranian volume?? "This would be extraordinary", said Robert McNally, president of the consulting firm Rapidian Energy Group.
Brent crude, the worldwide benchmark, was selling Friday for over $79 a barrel, and there is talk that in certain circumstances a return to $100 a barrel oil is possible.