OPEC members said they would do whatever it takes to balance the oil market in the face of increasing U.S. production.
As world oil demand slows, U.S. producers are still pumping oil, which will likely cause prices to continue to drop.
As several oil disruptions around the world are occurring, OPEC is close to maxing out its production, so prices have risen, but Trump has intervened.
The U.S. Energy Information Administration (EIA) proclaimed on Tuesday that, if its forecasts are correct, the United States will soon be the world’s leading producer of crude oil.
Crude oil prices bounced higher on Friday, as OPEC failed to raise production as much as many feared.
Oil ministers from OPEC and non-OPEC producers are already gathering in Vienna, Austria, in advance of what is touted to be one of the most contentious meetings in recent memory.
Citigroup announced last week that exports of crude and finished oil products from the United States would overtake Saudi Arabia’s by next year.
OPEC is no doubt rejoicing in its accomplishment of raising the price of crude oil by restricting output, but that rejoicing is likely to be short-lived.