Trump tweets against oil production cuts

CNC
Added On November 14, 2018

 U.S. President Donald Trump has urged Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) not to cut their oil production.

 
Economy Report has the details.
 
Trump tweeted on Monday, quote, "hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!"
 
The presidential tweet was in response to the news that OPEC, led by Saudi Arabia, and allies including Russia, were considering production cuts to stem a further slide in crude prices.
 
The U.S. Energy Information Administration said last month that the U.S. resumption of sanctions on Iran adds uncertainty to crude oil prices.
 
The OPEC said later that its member countries are ready to meet global oil market needs in case of any politically-motivated fall in supply.
 
The U.S.-Saudi ties have been tested recently due to the high casualties in Yemen caused by the Saudi-led airstrikes and the killing of Saudi journalist Jamal Khashoggi in Turkey.