Donald Trump backpedals on OPEC and Oil

The US President Trump has always been criticizing OPEC by terming it an evil force that is ripping off the United States by not spouting enough oil. But recently, Trump goes 180 on his previous statement and urging Russia and KSA to put a stop on their oil extraction.

Previously, President cast OPEC as a monopoly that must come to an end. He said in his tweet, eight years ago, that cartel had been robbing the Americans blindly.

Later, after sitting on the Presidential seat, Donald recurrently slammed OPEC for setting higher prices to disturb US drivers.  

In his last year’s Feb tweet, President pleaded OPEC to calm down and take things easy as the world can’t bear price increase.

However, recently, rather than hammering the cartel for artificially cutting its prices down, Donald is beseeching the OPEC to do just the same. Plus, instead of asking them to continue producing, the President is favoring the OPEC’s status by inspiring it to stop the oil collapse, which could initiate unemployment and course of bankruptcies in Texas state and all over the US oil market.

The President is even trying to settle a price war between Russia and Saudi Arabia, which is leading towards a massive Oil production cut. It reflects that Trump is backpedaling on OPEC and Oil. 

This Thursday’s tweet by the US President supported American oil prices to rise up to 25 percent, which is the most significant 24 hours gain in the history of the US Oil industry.

The RBC Capital Markets’ CEO of global commodity strategy, Helima Croft, stated that it is beautiful that Donald is getting into the middle of this fight. Croft adds, See the backpedaling here, the President longed for OPEC to collapse and hated the conspiracy among the producers for years.

But now, Donald Trump is totally backing off his previous statement and encouraging the oil cartel.

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