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Ahead of OPEC meeting, Trump urges producers to keep oil flowing

Reuters  |  WASHINGTON 

By Susan Heavey

WASHINGTON (Reuters) - U.S. on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut production next year, saying it would trigger prices worldwide.

"Hopefully OPEC will be keeping 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 on Thursday to weigh production and on Friday will hold talks with allies such as and inventory data are also due on Thursday.

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.

Trump, who has made the U.S. economy one of his top issues, has frequently complained about OPEC this year, as have in turn raised fuel prices for consumers and businesses.

Russia's agency reported on Wednesday that OPEC and its partners may return production quotas to 2016 levels by reducing by more than 1 million barrels per day. rose on Wednesday ahead of the meeting.

(Reporting by Susan Heavey; Editing by and David Gregorio)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 21:18 IST