Saturday 15 December
Dec 6, 2018 @ 10:53

Trump asks OPEC not to cut production

 

By Agence France-Presse

US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Trump’s comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter.

If the 20 or so OPEC members and other nations at the Vienna talks — which account for more than half of the world’s oil — continue to pump at current record levels, they risk seeing prices continue to tumble.

Prices have already plunged more than 30 percent over the past two months and a barrel of Brent crude, the European benchmark, currently stands at around $60.

But if oil producers close the taps, they risk choking off the global economy, which needs affordable oil to keep running.

Trump has repeatedly accused the oil cartel of keeping prices artificially high.

That has put OPEC kingpin Saudi Arabia in a delicate position — Riyadh is keen not to incur Trump’s wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.

Please follow and like us:

Tags: , , , , , , , ,

Related Stories
OPEC members and 10 other oil producing nations, including Russia, agreed Friday to cut output
Vienna's sumptuous imperial palaces may be the main draw for the many millions of tourists
OPEC members and other oil-producing countries convene in Vienna this week to discuss lowering their
Russia is happy with the current oil price level of around $60 dollars per barrel,


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.