US President Donald Trump has expressed concern over the Saudi decision to decrease its oil output in December, requesting oil prices to remain low.
“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” tweeted Trump on Monday.
The president made the comment a day after Saudi Energy Minister Khalid Al Falih announced the oil-rich kingdom’s decision to reduce exports by about 500000 barrels a day next month. The minister further suggested that members of OPEC may also reduce supply next year “to balance the market”.
“The consensus among all members is that we need to do whatever it takes to balance the market,” said Al Falih, adding that “if that means trimming supply by a million [barrels per day], we will do it.”
Russia, the world’s second top oil exporter after Saudi Arabia, welcomed the decision. Russian oil minister Alexander Novak expressed his country’s…