Faisal Al Nasser | Reuters
Saudi Energy Minister Khalid al-Falih speaks to the media during Saudi government ministers brief in Riyadh, Saudi Arabia December 19, 2018.
Saudi Energy Minister Khalid al-Falih said OPEC is taking a measured approach to supply cuts, directly responding to comments from President Donald Trump earlier in the week.
“We’re taking it easy,” he told CNBC’s Dan Murphy while at an OPEC symposium in Riyadh, when asked about the U.S. president’s tweet.
“The 25 countries are taking a very slow and measured approach. Just as the second half last year proved, we are interested in market stability first and foremost.”
On Monday, Trump lobbed the latest of a series of tweets aimed at OPEC’s planned production cuts, agreed upon between the cartel’s members and non-member allies in December of last year to counter a drop in oil prices and soaring inventories.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” the president said.
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