Abu Dhabi, UAETuesday 16 July 2019

Trump credits his ‘talent’ for oil price drop

The US president also suggested Opec was a 'monopoly'

Donald Trump's higher ranking of 715 on the Forbes billionaires list was partly due to dozens of his fellow tycoons suffering financial setbacks. Photo: Bloomberg
Donald Trump's higher ranking of 715 on the Forbes billionaires list was partly due to dozens of his fellow tycoons suffering financial setbacks. Photo: Bloomberg

President Donald Trump said Opec “is essentially a monopoly,” even as he credited his own “talent” for having brought down oil prices.

“Four months ago, oil hit $83 a barrel," Mr Trump told reporters in the Rose Garden after meeting with Congressional leaders to try and reach a deal on the partial government shutdown. Oil “was heading to $100 and then it could have gone to $125".

Mr Trump repeated his statement from earlier this week that his phone calls made the difference in bringing down the oil price, adding: “After I made some phone calls to Opec and the Opec nations - which is essentially a monopoly - all of a sudden, it started coming down,” he said. "Didn’t happen by luck, it happened through talent.”

__________

Read more:

Qatar's New Year exit from Opec to leave oil markets undisturbed, analysts say

Testing times to continue as Opec heads into uncharted territory in 2019

Why would Doha choose to leave Opec now?

__________

Legislation, known as "Nopec," has been repeatedly introduced in both houses of Congress in recent years that would allow the SUS Justice Department to file antitrust suits against the Organisation of Petroleum Exporting Countries, amending the 129-year-old Sherman Antitrust Act. US. Assistant Attorney General Makan Delrahim told members of a House Judiciary subcommittee last month that the administration “continues to study” the legislation.

Updated: January 5, 2019 09:21 AM

SHARE

SHARE