US President Donald Trump today expressed hope that petroleum exporting countries will increase the oil production substantially to keep its prices down.
The Organization of Petroleum Exporting Countries (OPEC), at its meeting in Vienna today, agreed to increase the production of crude oil by 1 million barrels per day.
The move is likely to keep the global oil prices under control, which has seen an increase in recent months.
"Hope OPEC will increase output substantially. Need to keep prices down!" Trump tweeted, after OPEC agreed to increase their production.
Based out of Vienna, OPEC is an intergovernmental organization of 14 crude oil producing nations which collectively account for an estimated 44 per cent of global oil production and 73 per cent of the world's "proven" oil reserves.
As a result, OPEC has a major influence over global oil prices. PTI LKJ
https://bsmedia.business-standard.comptinews.com/images/pti.jpg
We bring the World to you"
Disclaimer: No Business Standard Journalist was involved in creation of this content