Trump Piles Pressure on Saudis Flummoxed by Higher Oil Price
- Saudis led OPEC accord to boost output, allay buyers’ concerns
- Pledges to pump more didn’t stop price gain since OPEC meeting
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If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy.
The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later backpedaled from his assertion, Trump on Sunday compounded the pressure, demanding that OPEC stop what he called its manipulation of the oil market and insisting the group pump more.