The Saudi Arabian government has WARNED the President-elect, Donald Trump, about the consequences of him refusing to buy their oil.
OPEC wants to prop up the oil prices even higher, but with Trump as the President — it will be tougher to do so, while still having the USA be a buyer of their oil.
Ever since Trump claimed victory on Nov. 8th, OPEC has been strongly considering to cut production by 4-4.5%.
President-elect Trump repeatedly stated that he will make production of energy more active in the USA [as he will take off strict regulations, therefore unleashing American energy].
The USA’s oil drillers have reduced their production [amount] of oil due to strict and expensive regulations from the US government. When Trump is President, they will see those regulations disappear — therefore keeping us from relying on OPEC so heavily.
Trump once talked about OPEC in a speech. He said that Saudi Arabia raises the oil prices and our politicians in Washington D.C. are spineless so they don’t do anything. Take a look [warning: vulgar language].
We shall see what happens with OPEC and the USA, once Trump takes the Oval Office in January of 2017.