U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries 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 Thursday to weigh production and on Friday will hold talks with allies such as Russia. Official U.S. government oil production and inventory data are also due on Thursday.