US President Donald Trump on Monday said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting oil supply next year, citing softening demand.
"Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" Trump wrote on Twitter, referring to the Organization of the Petroleum Exporting Countries.
Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday.
Saudi Arabia's top government-funded think-tank has been studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Falih said the think-tank was just trying "to think outside the box" and analyse all scenarios but added that the Saudi leadership has "no consideration whatsoever to eliminate OPEC."