President Donald Trump said on Friday he wants OPEC to raise its oil production.
“Hope OPEC will increase output substantially. Need to keep prices down!” Trump said on Twitter.
OPEC announced from its meeting in Vienna that it would raise output, but it was unclear by how much. The official press release by the group did not say. Early reports indicated the aim was to increase output by about 1 million barrels per day. But reports so far indicate OPEC has only pledged to stop overshooting its 18-month-old deal to keep 1.2 million barrels per day off the market in order to boost prices.
— CNBC’s Tom DiChristopher contributed to this report.