Trump Urges OPEC To Cut Oil Price
US President Donald Trump has urged the Organization of Petroleum Exporting Countries (OPEC) of the Middle East oil-producing countries, to cut oil prices. It is argued that the OPEC member countries should lower oil prices as the US supports the security of the Middle East countries.
“We protect the countries of Middle East, they would not be safe for very long without us” Trump said in Tweets.
OPEC and Russia, one of the major oil producing nations, decided to cut production by 1.8 million barrels a day by the end of 2016, However, as Brent oil prices reached $ 80 this year, Trump continued to demand oil production and lower oil prices at OPEC.
As the United States withdrew from the nuclear agreement with Iran, Iran ‘s oil exports were banned, and President Trump’ s demand for OPEC continued to increase. Saudi Arabia and Russia will be able to reduce oil prices by raising production and exports of Iran, which will be decided at the Algerian oil-producing countries’ meeting on Tuesday. President Trump’s tweet was analyzed as aiming at the meeting.