OPEC kingpin Saudi Arabia will ignore President Donald Trump's tolerance threshold for rising oil prices, one analyst told CNBC on Friday.
OPEC kingpin Saudi Arabia will continue to ignore President Donald Trump's tolerance threshold for rising oil prices, one analyst told CNBC on Friday, putting Riyadh on a"collision course" with Washington.
"A sustained move into the $70s basis Brent therefore risks putting the Saudis in the firing line for a dose of ever-increasing Trump pressure," Brennock said. Analysts say pressure from the Trump administration last year — punctuated by a series of Twitter attacks on OPEC — contributed to the producer group's decision to lift production limits in June. But in recent months, OPEC members have mostly shrugged off Trump's social media demands.
He added that he is leaning toward extending the six-month production cuts into the second half of 2019.
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