Trump presses OPEC to reduce oil prices as Brent nears $80
Trump should be happy. Higher oil prices put more money into shale developments which in turn increases US oil production. It’s not without its own risks for sure but being less dependent on imports should turn out to be a good thing for the US in the longer run.
U.S. President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!” as the global benchmark crude flirted with $80/bbl earlier this week. Futures dropped as much as 1.1% in London on Thursday, while New York-traded oil was little changed. Trump’s intervention in the oil market follows indications from Saudi Arabia that $80 is an acceptable price level as Iran grows increasingly isolated because of U.S. sanctions. OPEC and allied producers will meet in Algeria this weekend to discuss production targets.