Trump asks OPEC not to cut production

WASHINGTON: US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Trump’s comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter.

If the 20 or so OPEC members and other nations at the Vienna talks — which account for more than half of the world’s oil — continue to pump at current record levels, they risk seeing prices continue to tumble.

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Prices have already plunged more than 30 percent over the past two months and a barrel of Brent crude, the European benchmark, currently stands at around $60.

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