President Donald Trump on Thursday issued his second warning to OPEC this year as oil prices continue to rise.
President Donald Trump on Thursday told OPEC its members should start pumping more oil, marking his second warning to the producer group this year as crude prices continue to rise.Trump's latest tweet comes as OPEC and a group of allies led by Russia are cutting production following a collapse in oil prices in the final months of 2018. The output curbs have played a major part in the rebound in the oil market this year.
Trump's tweet sent prices lower in early trading. International benchmark Brent crude and U.S. West Texas Intermediate crude futures were both off by about 1.5 percent just before 9 a.m. ET. Analysts say pressure from the Trump administration — punctuated by a series of Twitter attacks on OPEC — contributed to the producer group's decision to lift production limits last June. But in recent month, OPEC members have mostly shrugged off Trump's social media demands.
The so-called OPEC+ alliance agreed to a fresh round of production cuts in December, despite Trump calling on the group to keep pumping at high levels. Since January, the group has aimed to keep 1.2 million barrels a day off the market in order to drain oversupply from the oil market. After Trump asked OPEC last month to"please relax and take it easy," Saudi Energy Minister Khalid al-Falih told CNBC"We are taking it easy." He added that he is leaning towards extending the six-month production cuts into the second half of 2019.
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