Trump: I Hope Saudi Arabia and OPEC will not Cut Oil Production
President Donald Trump said on Monday he hoped Saudi Arabia and OPEC would not cut oil production, less than 24 hours after Riyadh announced its intention to cut oil exports from next month.
“I hope that Saudi Arabia and OPEC will not reduce oil production,” Trump said in a tweet, “Crude prices must be lower based on supply.”
Saudi Energy Minister Khalid al-Faleh told reporters in Abu Dhabi that his country would reduce its daily oil supply in December by 500,000 barrels compared to November.
Oil prices rose slightly on Monday by more than 1 percent, and crude oil futures rose 80 cents to $ 70.98 a barrel.