Trump’s Oil Strategy Meets Resistance From Key Allies

President Trump’s push for increased oil production is meeting resistance from both U.S. shale producers and Saudi Arabia. While Trump has encouraged domestic frackers to ramp up drilling, industry executives and his own advisers acknowledge that another shale boom isn’t likely in the near term. Cost control and returning cash to investors have taken precedence over-aggressive expansion. Saudi Arabia has signaled reluctance to augment global supply, citing budgetary pressures and a cautious stance toward repeating past oversupply issues. Trump is set to visit the kingdom to persuade higher production. He views additional oil as a means to curb inflation, enable interest-rate cuts, and strengthen his position against rival petrostates Russia and Iran.