Defying Trump, Saudi Arabia chooses 'Saudi first' oil policy at OPEC meeting [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Defying Trump, Saudi Arabia chooses 'Saudi first' oil policy at OPEC meeting President Donald Trump has told foreign leaders that "America First" means he will always put the needs of America ahead of the needs of other nations — and that they should do the same for their own country. Saudi Arabia's leadership appears to be on board with that message. Last week, Saudi Arabia disregarded Trump's public pressure campaign to keep pumping at full throttle and cut fuel costs. The kingdom instead convinced two dozen oil producers to cut output and announced a steep drop in Saudi production over the next two months. "Saudi Arabia today had a Saudi first policy," Helima Croft, global head of commodity strategy at RBC Capital Markets, said on Friday. Hours earlier, OPEC , Russia and several other producers agreed to take 1.2 million barrels per day off the market beginning in January. The decision marks a reversal in Saudi energy policy. Over the last six months, the Saudis ramped up productio
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