OPEC concedes to Trump’s demands!

Looks like Trump’s lobbying and demands that OPEC increase oil production to decrease prices have worked:

AP – Countries in the OPEC oil cartel have agreed to a new oil output level that effectively increases production by almost 1 million barrels per day.

The increase was announced after ministers from the group met on Friday in Vienna.

The production increase will partly undo a 1.2 million barrel cut OPEC agreed on in late 2016 that has helped push up the price of oil.

Ahead of Friday’s meeting, OPEC’s largest producer, Saudi Arabia, was seen to be open to higher production but Iran had been hesitant. U.S. President Donald Trump has been calling publicly for the cartel to help lower prices.

Iran wasn’t just hesitant, they said “we are not here to receive instruction from President Trump and apply it and implement it.”

But then they did. LOL!

It’ll be nice to see prices come down at the pump. But I’m not sure how much 1 million barrels a day, when spread out, will really impact it. I guess we’ll find out.


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