Trump hopes that Saudi Arabia and OPEC will not reduce their oil production

DUBAI (Reuters) – US President Donald Trump has expressed the hope that Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) will not reduce their oil production after the Saudi energy minister, Khalid al Falih, announced his intention to reduce oil production But OPEC will discuss the reduction in production with other key exporters of 1.2 million bpj next month in Vienna, the Austrian capital.

"I hope that Saudi Arabia and OPEC will not reduce their oil production," Trump said in a tweet on his official Twitter page. "Oil prices should be reduced by production".

Saudi Arabia has announced that it will reduce its output by 500,000 barrels a day next month in order to maintain market equilibrium, said Monday the Saudi Minister of Energy, Khalid al-Faleh, at a conference on energy.

Al-Falih confirmed that Saudi Arabia is ready to reduce its output by 1 million barrels per day in order to maintain the stability of the oil market, following the 20% drop in oil prices since summit reached recently.

A source from OPEC said in turn that OPEC and a number of other major producers were planning to cut their production by 1.2 million bpd, and that the final decision would be made next month at an OPEC meeting in Vienna.

The decision, announced by OPEC and Russia last June, would violate their intention to increase oil production by more than a million barrels a day to make up for the losses caused by oil. stopping Iranian oil exports.