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Trump calls for OPEC to boost oil production, says price too high

Published 03/28/2019, 09:05 AM
Updated 03/28/2019, 09:10 AM
© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna

© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna

WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity.

"Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump wrote in a post on Twitter.

Immediately following Trump's tweet, U.S. crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel.

Crude oil prices have risen this year amid supply cuts by OPEC as well as U.S. sanctions on OPEC member countries Venezuela and Iran. The drop in production has led to a tightening of oil inventories.

© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna

But analysts have warned oil prices would be higher by now if not for a spreading economic slowdown expected to soon start hitting fuel consumption.

Latest comments

The situation is now paradoxical. Because wall street indexes are really high if you take this situation into account, the oil is cheap and it should be at least $ 80.
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