OPEC and Russia may raise oil output under pressure from Trump

OPEC and Russia may raise oil output under pressure from Trump
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Two of the world's leading oil producers are considering increasing their daily output following pressure from President TrumpDonald John TrumpArizona GOP Senate candidate defends bus tour with far-right activist Alyssa Milano protests Kavanaugh in 'Handmaid's Tale' costume Bomb in deadly Yemen school bus attack was manufactured by US firm: report MORE, according to a Reuters report.

Russia and Saudia Arabia are reportedly discussing raising the Organization of the Petroleum Exporting Countries (OPEC) output by 1 million barrels a day, a change that would ease rising prices at the pump for Americans.

Energy ministers for both countries said Friday they are considering the increase in production to ease worries about supply adequacy — with Saudi Arabia’s Khalid al-Falih adding that a move would be gradual, Reuters reports.

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The move comes after a tweet from Trump last month that said OPEC was artificially boosting oil prices by limiting outputs.

"Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!," Trump tweeted in April. 

Oil prices momentarily dropped in the U.S. following Trump's message.

Prices are the highest they have been since late 2014 when gas was $100 a barrel. The price of oil currently sits at $80.50 a barrel.

Earlier this week leading Senate Democrats called on the president to lead talks with Russia and OPEC on increasing production to help Americans as they enter the summer season. 

Sens. Chuck SchumerCharles (Chuck) Ellis SchumerTo make the House of Representatives work again, make it bigger Reforms can stop members of Congress from using their public office for private gain Election Countdown: GOP worries House majority endangered by top of ticket | Dems make history in Tuesday's primaries | Parties fight for Puerto Rican vote in Florida | GOP lawmakers plan 'Freedom Tour' MORE (D-N.Y.), Maria CantwellMaria Elaine CantwellSenators share their fascination with sharks at hearing Poll: Majority of Americans support Roe v. Wade The Hill's Morning Report — Sponsored by Better Medicare Alliance — Protests and anger: Washington in turmoil as elections near MORE (D-Wash.), Bob MenendezRobert (Bob) MenendezDems urge tech companies to remove 3D-gun blueprints Dem senators introduce resolution calling on Trump to stop attacking the press Booming economy has Trump taking a well-deserved victory lap MORE (D-N.J.), and Ed MarkeyEdward (Ed) John MarkeyTo make the House of Representatives work again, make it bigger Dems urge tech companies to remove 3D-gun blueprints Make the moon a refueling station — then head to Mars MORE (D-Mass.) on Wednesday wrote a letter to Trump urging him to discuss options with the oil-producing countries.

"It's time for this president to stand up to OPEC on behalf of the forgotten man and woman he promised to remember," Schumer said at a press event prior to sending the letter. "He’s palling around with Saudis and UAE and other oil-rich countries, why doesn’t he ask them to lower their prices? It's time for the president to buck his oil executive buddies."

The senators pointed to Trump's decision to pull out of the Iran nuclear deal and to the passing of the GOP Tax bill as reasons for soaring prices at the pump.

"Gas prices have gone up 25 percent since the tax law went into effect — as families are facing three times the cost these corporations have gotten some of the largest tax breaks in our history," Cantwell said at the presser. "Seven of the biggest oil companies got $13 billion in new stock buybacks, while American consumers are facing $3 to 4 dollar gas prices in near future. That’s sticker shock and what they are seeing could get worse."