Brent prices to go down as Trump calls OPEC member to increase output

Brent prices to go down as Trump calls OPEC member to increase output

Brent prices to go down as Trump calls OPEC member to increase output

/ Policy & Regulations / Tuesday, 30 April 2019 10:05

President Donald Trump said Saudi Arabia and others in OPEC had agreed to his request to boost oil production in order to tamp down prices.

“Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement,” Trump said on Twitter.

Earlier, he had said his efforts to persuade OPEC oil producers to increase output were working and gasoline prices were coming down.

However, prices at the pump have been rising steadily to an average of $2.883 a gallon for regular grade, up from $2.648 a month ago, due to rising demand that is draining stocks, according to data from US motorists organization AAA.

Crude oil prices have been moving higher since last month and are up 33 percent in the year to date.

Speaking to reporters, Trump said “I called up OPEC. I said, ‘You got to bring them down. You got to bring them down.’ And gasoline is coming down. We're doing great.” But in his latest tweet, he blamed taxes in California for high prices there.

“The California tax on gasoline is causing big problems on pricing for that state. Speak to your governor about reducing.”

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