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Trump Wants Saudis To Lower Oil Prices Further

Published on: 11/27/18 2:54 PM

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Category: Market, Trade, Trading, World News

On Wednesday, U.S. President Donald Trump tweeted his thanks to Saudi Arabia


“Oil prices getting lower,” the president said. “Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!”

The tweet came one day after the president praised relations between the United States and Saudi

Earlier this month, the president called on Saudi Arabia and OPEC not to cut its oil production. This was after the country’s oil minister made a statement about how the country was planning to cut its oil production. Though many have also attributed the steep decline in oil prices to increased oil production in both the United States and Russia.

Future of oil prices


Because of the renewal of oil sanctions against Iran this month, there was a fear that oil prices would sharply rise. But because the president granted a 6-month waiver to a number of countries that are large consumers of oil produced from Iran, prices have actually fallen. Another factor that has influenced prices downward has been worries about worldwide oil production growth.

Khashoggi, who was a columnist for the Washington Post, was killed while visiting a Saudi consulate in Turkey. The administration’s response to the killing has been mixed. They did impose a set of sanctions against the 17 Saudi officials who were said to have roles in the killing of the journalist. They also imposed travel bans on these officials. At the same time, though, the president expressed doubt whether Saudi Crown Prince Mohammed bin Salman was involved in the plot, despite the fact that he has been tied to the killing.

Trump statement


President Trump issued a 3-page statement on the matter, in which he said that both the crown prince and Saudi King Salman have categorically denied any knowledge of the plot. Though the president did add that U.S. intelligence agencies are still assessing information relating to the killing and that it is possible that this could show that the crown price really did have knowledge of the plot.

In his statement, the president also praised ties between the two countries and the benefits of these ties. He said that not only have the Saudis committed to spending billions of dollars in the war against Islamic terrorism, but they also have committed to investing nearly a half-trillion dollars in the United States. Trump noted that this would be a record amount of investment.

Finally, the president said that he will ensure that the United States continues to pursue its national interests while opposing those who wish the country ill. He called this policy: “America First!”