Prepared to work with nations that are reducing oil imports from Iran

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"Although geopolitical risk factors ranging from suspended oil exports from Libya, falling production in Venezuela and United States sanctions on Iran have supported oil, the oversupply concerns could make a return".

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

At present, lower crude prices will only serve to hamper Canadian exports and have a knock-on effect on GDP when the nation has a central bank rate decision coming up next week.

Oil prices rose last week on worries that US sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

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After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

London Brent crude fell 55 cents, or 0.7 percent, to $78.68, after gaining more than 5 percent last week.

The statement said the kingdom will coordinate with other producers. Oil prices rose to multiyear highs last week after US officials signaled the administration would act to cut Iran exports faster than expected and.

At the time, the Trump administration gave foreign companies either 90 or 180 days to wind down their business with Iranian counterparts, depending on the type of commercial activity. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat. "They don't want our farm products".

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The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new US shale production comes on stream.

On trade, the president said in the Fox interview that he was not happy with the North American Free Trade Agreement and would not agree a new one until after the November elections.

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