Vienna — Moments after OPEC announced it reached agreement on oil supply quotas, USPresident Donald Trump tweeted that he hoped the group would increaseproduction "substantially" to lower prices.
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"Hope OPEC will increase output substantially," Trump said. "Need to keepprices down!" Trump showed once again he is keeping a close eye on OPEC,global oil markets and domestic gasoline prices.
OPEC and its 10 non-OPEC partners have agreed to restore compliance with theirproduction cuts to 100%, implying a nominal distribution of "just under 1million b/d" between the 24 countries, Saudi energy minister Khalid al-Falihsaid as he left the meeting in Vienna.
But it remains unclear how many barrels will actually enter the market.
Joe McMonigle, an analyst for Hedgeye Risk Management, said Trump may havebeen sending thanks to Saudi Arabia for responding to US pressure to pump moreoil and prevent prices from rising further.
"This almost sounds like an appreciative tweet," he said.
--Edited by Jonathan Dart, firstname.lastname@example.org