U.S. President Donald Trump on
Wednesday called on the Organization of the Petroleum Exporting
Countries and its allies not to cut oil production
saying it would trigger higher
"Hopefully OPEC will be keeping oil flows as is, not
restricted. The World does not want to see, or need, higher oil
prices!" Trump wrote in a tweet ahead of the group's meeting
this week to discuss possible cuts.
OPEC meets in Vienna on Thursday to weigh production and on
Friday will hold talks with allies such as Russia. Official U.S.
government oil production and inventory data are also due on
Saudi Arabia, OPEC's de facto leader, has pressed for steep
output reductions but has faced pressure from Trump to keep oil
flows steady to keep prices low, rather than reduce inventory.
Trump, who has made the U.S. economy one of his top issues,
has frequently complained about OPEC this year, as higher crude
oil prices have in turn raised fuel prices for consumers and
Russia's TASS news agency reported on Wednesday that OPEC
and its partners may return production quotas to 2016 levels by
reducing oil production by more than 1 million barrels per day.
Oil markets rose on Wednesday ahead of the meeting.
(Reporting by Susan Heavey; Editing by Doina Chiacu and David
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)