U.S. President Donald Trump on Dec. 5 called on OPEC and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.
"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump wrote in a tweet ahead of the group's meeting this week to discuss possible cuts.
OPEC meets in Vienna on Dec. 6 to weigh production and on Dec. 7 will hold talks with allies such as Russia. Official U.S. government oil production and inventory data are also due on the same day.
Saudi Arabia, OPEC's de facto leader, has pressed for steep output reductions but has faced pressure from Trump to keep oil flows steady to keep prices low, rather than reduce inventory.
RELATED: OPEC Works Toward Production Cuts; Still Needs Russia On Board
Trump, who has made the U.S. economy one of his top issues, has frequently complained about OPEC this year, as higher crude oil prices have in turn raised fuel prices for consumers and businesses.
Russia's TASS news agency reported Dec. 5 that OPEC and its partners may return production quotas to 2016 levels by reducing oil production by more than 1 million barrels per day. Oil markets rose ahead of the meeting.
Recommended Reading
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.