The OPEC cartel and other producers will probably have to reduce oil production.
US President Donald Trump warned the Organization of Oil Exporting Countries (OPEC) not to restrict production. According to him, black gold prices should be much lower based on market supply.
"I hope Saudi Arabia and OPEC will not reduce oil production, and oil prices should be much lower in terms of supply," Twitter wrote on Twitter on Monday.
Saudi Arabia said on Monday that the OPEC cartel and other producers will probably have to cut their output by around 1 million barrels a day to bring the market into balance.