Ahead of the Thursday-Friday meeting of Organisation of the Petroleum Exporting Countries (OPEC) member countries, President Donald Trump is urging the body not to restrict supply flow, which he said could led to higher prices.
President Donald Trump who said this a few hours ago via his social media handle, said, hopefully, OPEC will keep its supply flowing as they prepare to meet on plan production cut next year, to halt the free fall of the International Crude Oil price.
Taking to his twitter handle, he said:
“Hopefully, OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”
President Donald Trump fears any move by OPEC to cut supply, will trigger increased in price. The meeting on Thursday will see both OPEC and Non-OPEC members coming together to decide on a possible cut, so as to maintain a higher price.
The world wait to see what happens on Thursday from the OPEC planned meeting, as proposed increase in domestic pump price in France have triggered violence protest in Paris that the Government is struggle to bring under control for days now.
OPEC member countries will meet, and even with the issue of Qatar opting out of an Organisation they have been a member of for almost 70-years, it is expected that they will respect the decision that will be taken in the next two days by OPEC.
Qatar during their exit announcement promised to continue to abide by the decisions of OPEC, and although OPEC accounts for 45% of world supply, members outside of the body have always frustrated supply cuts. But there is the fear Russia might not be willing to align with OPEC, as the rumour going around suggest that Russia is looking for an increased supply and that decision could affect OPEC plans.
As I said, the Russian statement is still a rumour, as it has not been confirmed, as Russia has benefited from previous OPEC decision on supply.