Saudi Arabia stopped supporting higher oil prices after Donald Trump said higher prices “will not be accepted.”
The world’s largest oil exporter was said to have planned to move oil prices up to $100 a barrel but now appears to have decided that prices should not move higher than $80 a barrel.
Oil prices fell Friday, sending shares of oil producers and refiners lower and airline shares higher after Saudi Oil Minister Khalid al-Falih said his country shared the “anxiety” of his customers over the rising price of oil. He went on to announce that the Organization of Petroleum Exporting Countries would likely boost its output in the second half of the year.
All this follows a April 20th tweet from President Trump decrying the “artificially Very High” price of oil.