Regardless Of Trump’s Comments, Oil Should Become Cheaper-US To Achieve Energy Independence In 2019
Saudi Energy minister Khalid Al-Falih confirmed over the last weekend that Saudi Arabia will take the lead in OPEC to counter the oil price rout. As signs of a glut are emerging in the US, Al-Falih set the tone for a need by OPEC to cut oil production by 1mn (bpd) from October levels. US President Donald Trump reacted immediately by commenting that OPEC should not make any cut. This made Brent fall back near 1% below the psychological barrier of $70/b and the WTI to below $ 60/b.