Why Trump obsesses over Saudi Arabia’s power over oil prices

Published November 22, 2018 5:01am ET



The U.S. is much less dependent on oil imports than a decade ago, but President Trump can’t stop prodding and cajoling Saudi Arabia, long the world’s top producer, to keep pumping to maintain low prices.

America, thanks to the shale boom, has surpassed the Saudis as the world’s top oil producer, with output expected to reach new record highs of 12 million barrels per day in 2019, and it could soon become a net oil exporter for the first time in nearly 75 years.

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