Saudi Arabia met Donald Trump’s demands for more oil, hiking its output in June to the highest level since 2016.
President Trump has been pressuring the Organization of the Petroleum Exporting Countries, or OPEC, to increase production to cool off oil prices, which recently hit the highest levels in over three years. Saudi Arabia has the unique ability to increase supply to meet demand, pushing prices in the direction the desert kingdom’s rulers desire.
Oil - Prices - Wednesday - Announcement - Trump
Oil prices were falling Wednesday following the announcement by the Trump administration of new tariffs on Chinese goods. A further escalation of trade disputes could depress demand for oil from China and...