The Saudis said they would decrease the oil supply by as much as 500,000 bpd as soon as in December - albeit other OPEC member-states and their allies, such as Russian Federation, have yet to announce their position on the proposed cuts.
Trump posted the message hours after Saudi Arabia's energy minister said that OPEC and its allies should reverse about half the increase in oil output they made earlier this year.
"Many of us share this view", said Oman Oil Minister Mohammed bin Hamad al-Rumhi on Sunday in Abu Dhabi at an oil market monitoring committee meeting. Oil futures had gained as much as 2.4 percent in London and 1.8 percent in NY after the Saudi announcement.
Current crude prices are still higher than a year ago, but they're well below what Saudi Arabia needs to balance its budget.
However, at the global level, it will be a new blow to consumers, who will have to pay more for gasoline, and will increase transport expenses of the companies. USA crude oil exports averaged 2.4 million barrels per day, down by 80,000 barrels per day from the previous week.
OPEC members may be weighing oil production cuts again, anxious that a slowing global economy will undermine prices, but in the group's Middle East heartland producers are spending billions to add output capacity for the long term.
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Jon Wacker, a police official said: "This has probably been one of the most trying investigations that I've been part of". Her arrest follows a complex investigation into the alleged contamination of strawberries in Queensland in September.
Emerging markets are already contending with US-China trade tensions, policy tightening in developed countries and a resurgent dollar.
"We're kind of back to square one: It must feel like November 2016 to them, a lot", said John Kilduff, a partner at Again Capital Management in NY, referring to the time period when OPEC and its allies agreed to initiate production cuts. OPEC members may be weighing oil production cuts again, anxious that a slowing global economy will undermine prices, but in the group's Middle East heartland producers are spending billions to add output capacity for the long term. US shale output is also on a tear and will help total American production grow by at least 1.3 million barrels by 2025, according to the Energy Information Administration.
While market analysts worry over a suddenly bearish market, Mr Al Falih cautioned against being driven too keenly by sentiment over fundamentals and that the group must support members facing critical challenges due to sanctions and other disruptions.
The bank added that it expected USA crude production, already at a record 11.6-million barrels a day, to break through 12-million barrels a day in 2019, making the USA "energy independent".
Trump tweeted, "Hopefully, Saudi Arabia and OPEC will not be cutting oil production". The UAE now produces some 3 million barrels of oil a day.
Root added that commodity prices that are influenced by cartels such as OPEC, which controls almost a third of global oil production, do not necessarily rise and fall with economic cycles.
The proposed reduction is from October production levels, Falih said. One thing that seems clear is that inland oil production has a lot of room to grow, which means producers will need to move a lot more barrels to refineries and export facilities, mainly along the Gulf Coast.