By KATIE GALIOTO
President Donald Trump on Thursday called on OPEC to produce more oil, warning the organization that oil prices are climbing “too high” ahead of the producers’ June meeting to decide whether to extend output cuts.
“Very important that OPEC increase the flow of Oil,” Trump tweeted. “World Markets are fragile, price of Oil getting too high. Thank you!”
Oil prices slipped on Thursday after a surprise rise in U.S. crude inventories, Reuters reported. Experts told Reuters, however, the fall does not “derail the short-term bullish argument that both the OPEC+ production cuts and supply outages will outweigh the global growth concerns and rising U.S. production.”
The president’s tweet comes months after OPEC and its allies agreed to cut output in December, an attempt to boost oil prices after a drop near the end of last year. This year, the market has been on the rise thanks in part to efforts of OPEC and U.S. sanctions on Venezuela and Iran.
Trump, who has criticized the global oil cartel throughout his presidency, asked OPEC last month to “please relax and take it easy” in a tweet.
OPEC was supposed to meet to discuss cuts in April, but last week pushed the meeting to June to allow time to assess the effect U.S. sanctions have had on the market.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.