Source: OPEC.
At the December OPEC meeting press conference, Saudi Energy Minister Khalid A. Al-Falih stated:
In the last six months, we’ve demonstrated that we are not just in the business of cutting, we are also in the business of releasing supplies when needed. And I think many people have underestimated the impact we have had on the global economy….We kept the oil market from over-heating.”
Following President Trump’s announcement in May of the U.S. withdrawal from the Iran nuclear deal, Treasury Secretary Mnuchin said that the White House had been in contact with