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U.S. President Donald Trump has praised Saudi Arabia for the crash in global oil prices as oil plummeted to 13-month low on Wednesday.
Trump tweeted: “Oil prices getting lower. Great! Like a big Tax Cut for America and the World.”
“Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!”
Trump signaled on Tuesday that he would not punish Saudi Crown Prince Mohammed bin Salman for the death of Washington Post journalist Jamal Khashoggi.
“It could very well be that the Crown Prince had knowledge of this tragic event – maybe he did and maybe he didn’t!” Trump said in a statement.
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“If we broke with them I think your oil prices would go through the roof,” Trump added while speaking with reporters at the White House Tuesday.
Trump’s comments is widely seen as a sign that Saudi Arabia would not aggressively cut oil production to support the market, a development that may have weighed on oil prices.
Trump has repeatedly urged Saudi Arabia and OPEC not to do anything that would lift prices, however, OPEC is scheduled to meet in December in Vienna to weigh a potential output shift.