33.1 C
Abuja

Trump tells OPEC not to slash oil production

Related

1min read

US President Donald Trump on Wednesday urged OPEC members not to reduce production at their upcoming meeting, saying global oil prices should remain low.

Trump’s comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter.

https://twitter.com/realDonaldTrump/status/1070328136150200320

If the 20 or so OPEC members and other nations at the Vienna talks — which account for more than half of the world’s oil — continue to pump at current record levels, they risk seeing prices continue to tumble.

Prices have already plunged more than 30 percent over the past two months and a barrel of Brent crude, the European benchmark, currently stands at around $60.

But if oil producers close the taps, they risk choking off the global economy, which needs affordable oil to keep running.

- Advertisement -

Trump has repeatedly accused the oil cartel of keeping prices artificially high.

That has put OPEC kingpin Saudi Arabia in a delicate position — Riyadh is keen not to incur Trump’s wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi. (AFP)

- Advertisement -
- Advertisement -

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Recent

AFRICMIL presents report of five-year survey on whistleblowing policy in Nigeria

THE African Centre for Media and Information Literacy (AFRICMIL) on Wednesday, presented to the...

Court orders SSS to allow Kanu maximum possible comfort in custody

AN Abuja Federal High Court has ordered the State Security Services (SSS) to allow...

1.6 million Nigerians living with HIV on treatment – NACA DG 

THE Director-General, National Agency for the Control of AIDS Gambo Aliyu, says Nigeria doubled...

Basketball: Group denies $2.2m alleged scandal against Umar

A SET of individuals known as the Nigeria Basketball Accountability Group has denied a...

Three herders arraigned for violating anti-open grazing law in Bayelsa

THREE herders have been arraigned in court for violating Bayelsa State's anti-open grazing law. The...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement