President Donald Trump on Monday tweeted that he hopes OPEC does not cut oil output, the same day Saudi Arabia's energy minister said the cartel and its allies may need to throttle back production by about 1 million barrels per day.
"Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" he wrote on Twitter.
The tweet marks Trump's latest attempt to influence OPEC policy on Twitter. The president has tweeted at the 15-nation producer group several times this year, blaming it for rising oil prices and ordering its members to take steps to tamp down the cost of crude.
Trump's latest broadside comes on the heels of a sharp pullback in oil prices that has seen U.S. crude plunge into a bear market and post its longest losing streak on record. Prices tumbled over the last five weeks as global equity markets sold off, crude supplies rose and the outlook for growth in oil demand weakened.
The sudden drop in oil prices from four-year highs just last month has forced OPEC and a group of crude exporters including Russia to rethink how they are managing the market.
On Sunday, a committee representing the group said oil supply is growing faster than demand, suggesting the alliance may have to launch a fresh round of production cuts. The same day, Saudi Energy Minister Khalid al Falih said the kingdom's oil shipments would fall by 500,000 bpd in December.
On Monday, Falih told an oil conference in Abu Dhabi that technical analysis suggests "there will need to be a reduction of supply from October levels approaching a million barrels" from the alliance.