The timing of events couldn’t be more inauspicious for President Trump as he took to Twitter to voice his discontent following the announcement.
Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!
— Donald J. Trump (@realDonaldTrump) November 12, 2018
Despite the latest move, oil analysts posit that cutting shipments was simply a move to reduce oil glut while boosting prices rather than one strictly aimed at catching President Trump’s ire. Government data on Thursday revealed that U.S. crude stockpiles increased for an eighth consecutive week to 10.3 million barrels, causing the latest declines, but the move by the Saudis to reduce shipments to the U.S. can help pare down any excess inventory.
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