OPEC leader Saudi Arabia and its biggest oil producer ally outside the group, Russia, have pushed back against attempts by US President Donald Trump to reduce the price of oil. Reuters reports they announced on Sunday that there would be no additional price decrease in the near term.
The Saudi Arabian energy minister Khalid al-Falih told reporters at a gathering of energy ministers both from OPEC and non-OPEC countries in Algiers on Sunday, "I do not influence prices." The meeting finished with a formal recommendation that prices would not be reduced.
The announcement followed comments from President Trump on Twitter that the worlds biggest oil produces should cut their prices. This as the price of benchmark Brent oil hit $80 a barrel.