As the world's top oil producing nations meet, here are 5 issues on everyone's mind Express News
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President Donald Trump answers questions from the press while departing the White House November 29, 2018 in Washington, DC.
OPEC has been on the President’s mind lately, big league. After ignoring OPEC in 2017, Trump has tweeted at the cartel numerous times this year, pressing for lower prices. He’s gotten his wish. And he was at it again on Wednesday, as the country prepared to watch the funeral for former President George H. W. Bush.
“The World does not want to see, or need higher oil prices!” the message on Twitter said.
But just like the U.S. Federal Reserve, OPEC needs to show it is immune to White House pressure and do what it feels is best given current conditions. If OPEC cuts production as expected, it likely knows it will face an angry American president. Which gets even more complicated because the Saudis are working hard to minimize the political fallout from the recent CIA report that implicates Saudi crown prince Mohammed Bin Salman in the killing of journalist Jamal Khashoggi.
The question here is whether the Saudis will change their stance on production cuts and pricing in part to mitigate global anger over Khashoggi.