Oil prices in focus as Saudi Arabia, Russia discuss production

OPEC began managing crude supply in partnership with Russia along with several additional nations last year in order to end a punishing downturn in oil prices.

The Middle East-dominated group produces around 40 percent of the earth’s oil along with includes a long history of adjusting production to guide the energy market.

The energy alliance’s policy of capping output has drawn particular ire by Trump.

“Hopefully OPEC will be keeping oil flows as can be, not restricted. the earth does not want to see, or need, higher oil prices!” Trump said in a tweet on Wednesday.

The U.S. president can be publicly in favor of low fuel prices along with has urged Saudi Arabia to drive crude futures even lower at OPEC’s final meeting of the calendar year.

OPEC’s de facto leader Saudi Arabia comes into the meeting badly bruised by revelations of which agents of the kingdom murdered Washington Post columnist along with U.S. resident Jamal Khashoggi in October.

Trump can be standing by his allies in Riyadh, although he’s made the idea clear he wants the Saudis to keep a lid on oil prices.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

3 + nine =