The Organization of Petroleum Exporting Countries is meeting on Wednesday to hammer out an agreement aimed at propping up falling oil prices. Oil producing nations like Iraq are in desperate need of more revenue.
Donald Trump wants Riyadh to keep pumping oil to keep global prices low, a tactic that pleases his blue-collar base at home. But the Saudis may balk at opposing other OPEC members ahead of a key meeting of the cartel.
Following two days of tense talks in Vienna, a deal to reduce oil production has been struck by OPEC and Russia. Prices have already risen on the back of the news, but Donald Trump will not be pleased.
The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.
President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two-month slump.
© 2019 Deutsche Welle |
Legal notice |
| Mobile version