OPEC Told To Reduce Pricing — Now!
CBJ — The latest target of U.S. President Donald Trump wrath is the Organization of the Petroleum Exporting Countries. He is telling the organization it needs to lower its costs — immediately.
Rising gasoline prices could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the U.S. economy.
The leader of Saudi Arabia, OPEC’s biggest member, has assured Trump that the kingdom can raise oil production if needed and that the country has 2 million barrels per day of spare capacity that could be deployed to help cool oil prices to compensate for falling output in Venezuela and Iran.
Trump has been complaining about OPEC while Washington has simultaneously been putting pressure on its European allies to stop buying oil from Iran.