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Saudi Arabia rebuffes Trump on oil production

Saudi Energy Minister Khalid al-Falih said on Wednesday that OPEC and its partners were “taking it easy” in response to a tweet from U.S. President Donald Trump requesting oil producers ease their efforts to boost oil prices.

“We are taking it easy. The 25 countries are taking a very slow and measured approach. Just as the second half last year proved, we are interested in market stability first and foremost,” Falih said in Riyadh when asked to comment on Trump’s tweet this week, CNBC reported.

Falih said current analysis indicated OPEC and its allies, known as OPEC+, may need to extend their agreement to curb output until the end of 2019.

“All the outlooks that we have seen tell us that we will need to continue to moderate production in the second half of this year but you never know, those forecasts are based on certain assumptions,” Falih said.

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