DUBAI (Reuters) – US President Donald Trump expressed hope that Saudi Arabia and the Organization of Oil Producing Countries (OPEC) would not cut down oil production hours after Saudi energy minister Khalid al-Falih said Saudi Arabia plans to reduce its oil production by OPEC will discuss cutting production with other key exporters with 1.2 million bpd next month in the Austrian capital of Vienna.
"I hope Saudi Arabia and OPEC will not reduce its oil production," said Trump in a tweet on its official Twitter page. "Oil prices should be reduced by production."
Saudi Arabia has said it will cut production by 500,000 bpd next month to maintain a market balance, said Saudi energy minister Khalid al-Faleh at an energy conference in Abu Dhabi on Monday.
Al-Falih confirmed that Saudi Arabia is ready to reduce its production by 1 million barrels a day to maintain stability in the oil market after oil prices fell by 20 percent from the peak reached recently.
In turn, an OPEC source said OPEC and a number of other major producers considered a production of 1.2 million bpd, and the final decision would be taken next month at an OPEC meeting in Vienna.
The decision, published by OPEC and Russia in June of June, would violate their intention to increase oil production by more than 1 billion bpd to compensate for losses caused by the stopping of Iran's oil exports.