On Wednesday, November 21, the President of the United States expressed gratitude to Saudi Arabia for the decline in oil prices. Donald Trump tweeted: "Oil prices are down. Great! Like a big tax cut for America and the world. Enjoy! $54, just recently it was $82. Thank you, Saudi Arabia, but let it drop lower!" The trend of falling oil prices has accelerated in recent days. On Tuesday, oil prices dropped by seven percent. On Wednesday, the Brent crude oil price fell below $64, and the West Texas Intermediate price reached $54. Earlier last month, Brent crude was above $85, and U.S. oil was around $82, which had prompted repeated complaints from Trump. Bloomberg reported on Wednesday, citing sources, that Saudi Arabia increased its production to 10.8 to 10.9 million barrels in the first half of November, with some days exceeding 11 million barrels. This figure shows an increase of more than 300,000 barrels compared to Saudi Arabia's average production last month. U.S. statistics indicate that during the first two weeks of November, U.S. oil production also increased by a similar amount, reaching about 11.7 million barrels on some days. Trump has repeatedly encouraged and at times threatened OPEC, especially Saudi Arabia, to increase production to lower oil prices. Since the U.S. withdrawal from the JCPOA in May of this year, Saudi Arabia has increased its production by nearly one million barrels. Trump's thanks to Saudi Arabia comes amid rising criticism of Riyadh following the murder of journalist Jamal Khashoggi in the Saudi consulate in Turkey, with some U.S. lawmakers calling for sanctions against the Saudi government. Recently, the U.S. sanctioned several individuals for their involvement in Khashoggi's murder. On Tuesday, Trump stated in a written statement and in conversations with reporters that whether Mohammed bin Salman was aware of Khashoggi's murder or not, the U.S. would remain a "steadfast partner" for Saudi Arabia. Trump, facing a wave of criticism in the U.S. after these remarks, emphasized in his statement that Saudi Arabia is a very important ally in the "fight against Iran" and stressed that he would not allow the Saudi arms market to fall into the hands of China and Russia. Trump's statement came as The Washington Post reported that the CIA concluded that Mohammed bin Salman ordered the murder of Jamal Khashoggi at the Saudi consulate in Istanbul.
Trump on Falling Oil Prices: Thank You, Saudi Arabia, But Let Prices Drop Lower
President Trump thanked Saudi Arabia for falling oil prices, which he described as beneficial for the U.S. economy. The decline follows increased Saudi production and comes amid ongoing scrutiny of Saudi Arabia after the Khashoggi murder. This situation highlights the complex U.S.-Saudi relationship amid geopolitical tensions.
👥 Key Players
📰 What Happened
President Trump thanked Saudi Arabia for reducing oil prices, which he views as beneficial for the U.S. economy. This comes amid increased Saudi oil production and ongoing scrutiny over the Khashoggi murder.
- Oil prices have fallen significantly, with Brent crude dropping below $64.
- Saudi Arabia increased its oil production to over 11 million barrels per day in early November.
💡 Why It Matters
📚 Background
The U.S. withdrew from the JCPOA in May 2018, increasing tensions with Iran. The Khashoggi murder has strained Saudi relations with Western countries.
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