Daily Management Review

Donald Trump thanks Saudi Arabia for low oil prices


11/22/2018


On Wednesday, US President Donald Trump said that the decline in oil prices is a positive development, and thanked the government of Saudi Arabia for this trend.



Gage Skidmore
Gage Skidmore
"Oil prices are going down smartly! Like tax cuts for America and for the world. Behold! $ 54, and it was $ 82. Thanks to Saudi Arabia, but let's lower them (prices) again!" - he wrote on his Twitter page.

On Wednesday, oil prices of benchmark brands are trying to regain the decline the day before, caused by uncertainty regarding OPEC plans to reduce production.

A negative factor for the oil market was Trump's earlier claims that Saudi Arabia "responds" to his calls to keep oil prices low. Such statements have raised concerns that OPEC + may not end up agreeing to reduce production in 2019.

As reported, some support for the market had unexpected data from the American Petroleum Institute (API), indicating a decline in oil reserves in the US last week by 1.55 million barrels. Stock reduction is recorded for the first time since mid-September. 

Earlier this month, Saudi Arabian Minister of Energy Khalid Al-Falih noted signs of excess oil in the market and said that OPEC + countries would cut production if a sustained surplus was maintained.

OPEC continues to discuss cuts in oil production to stop prices falling, but Russia doesn’t seem to be too supportive of such an idea, which increases Saudi Arabia’s responsibility for any coordinated actions,” said Robbie Fraser, an analyst for the commodity sector.

source: bloomberg.com






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