Some analysts pointed out that Trump's election as President of the United States may prompt member countries to take more decisive action to reduce production at next week's policy meeting. On Friday, Saudi Energy Minister Falih stated that the oil talks in Doha were progressing smoothly. Russian Energy Minister Novak said that Russia is ready to limit production and is ready to join the OPEC agreement. The Algerian Energy Minister believed that OPEC may Freeze crude oil production at 10,000 barrels per day. Some analysts pointed out that it is expected that the international crude oil price will reach the highest price level of USD/barrel by the year.
In addition, UBS commodities and foreign exchange strategist R believes that Trump's victory, as well as the significant downward pressure on oil prices in the past few weeks, will push member states to reach a consensus.
Previously, while member states were still arguing over quotas, Trump's victory had already pushed the U.S. dollar up sharply, putting pressure on crude oil prices priced in U.S. dollars. Analysts point out that major crude oil price benchmarks are priced in U.S. dollars, and an increase in the U.S. dollar exchange rate often means an increase in the cost of purchasing crude oil.
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Baishan Weiye official website information-Trump is pushing OPEC to really cut production