Donald Trump presses Opec to reduce oil prices as Brent nears $80

Saudi Arabia has markedly increased oil exports to America, a sign Opec's leading producer is responding to pressure from Trump

US President Donald Trump resumed his criticism of Opec, saying on Twitter that the cartel “must get prices down now!” as the global benchmark crude flirted with $80-a-barrel earlier this week.

Futures dropped as much as 1.1 per cent in London on Thursday, while New York-traded oil was little changed. 

Trump’s intervention in the oil market follows indications from Saudi Arabia that $80 is an acceptable price level as Iran grows increasingly isolated because of United States sanctions. Opec and allied producers will meet in Algeria this weekend to discuss production targets.

“Will he get what he wants? Probably not,” said Rob Haworth,