> OPEC oil producers have rebuffed calls from President Trump to bring down prices. Instead, helping send them to a four year high. Trump's call came in a Twitter tirade about oil. The president on Friday urged them to boost crude production. But on Sunday they met and decided not to.
At a meeting in Algeria, OPEC leader Saudi Arabia and its ally outside the group, Russia, signaled they don't see any rush to increase output having already done so in June.>> See what happens.>> Saudi Energy Minister says there's more than enough oil to meet demand. We asked Reuters' Alex Lawler if OPEC's decision is likely to satisfy Trump.
>> Absolutely not, I would imagine. He will be popping up again, I'm sure. And prices do look like they're going up. They've hit a four year high today, nearly $81 a barrel. What emerged yesterday as well is OPEC is very worried about the outlook for 2019. They think that there's going to be less demand, more supply from rival producers, and therefore less need for their oil.
>> Higher gasoline prices for US consumers could be a political headache for Trump ahead of midterm congressional elections in November.>> This meeting was overshadowed hugely by President Trump's tweet on Friday. It was arguably a political move to deflect the blame for oil prices rising onto OPEC rather than onto other factors.
>> And one of those factors is US sanctions on Iran, OPEC's third largest producer. Iran says OPEC policy has little to do with the cost rises and instead accuses Trump himself and his sanctions of orchestrating the oil price rally.