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 Trump2020 Democrats spar over socialism ahead of first debate Senate passes .5 billion border bill, setting up fight with House 'Teflon Don' avoids the scorn of the 'family values' GOP — again 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 SchumerTrump goes after Democrats over photo of drowned migrants Schumer displays photo of drowned migrants on Senate floor in appeal to Trump McConnell-backed Super PAC says nominating Roy Moore would be 'gift wrapping' seat to Dems MORE (D-N.Y.), Maria CantwellMaria Elaine CantwellHillicon Valley: Democratic state AGs sue to block T-Mobile-Sprint merger | House kicks off tech antitrust probe | Maine law shakes up privacy debate | Senators ask McConnell to bring net neutrality to a vote Senators call on McConnell to bring net neutrality rules to a vote Maine shakes up debate with tough internet privacy law MORE (D-Wash.), Bob MenendezRobert (Bob) MenendezSenate to vote on blocking Trump's Saudi arms deal as soon as this week There is a severe physician shortage and it will only worsen Democrats ask Fed to probe Trump's Deutsche Bank ties MORE (D-N.J.), and Ed MarkeyEdward (Ed) John MarkeyHillicon Valley: Investigation finds federal agencies failed to address cyber vulnerabilities | Officials crack down on illegal robocallers | Warren offers plan to secure elections | Senators grill Google exec on 'persuasive technology' YouTube critics urge FTC to crack down on handling of children's videos Senate set to bypass Iran fight amid growing tensions 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."