Trump criticizes 'artificially very high' oil prices
US President Donald Trump has criticized the Organization of Petroleum Exporting Countries (OPEC), saying “oil prices are artificially very high.”
In a tweet, Trump warned that the US "will not" accept artificial price controls from OPEC, which represents 14 of the world's leading oil producers.
"Looks like OPEC is at it again," Trump said on Friday. "With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"
Trump’s comments come after the international benchmark, Brent crude, traded above 73 dollars per barrel on Friday after hitting its highest point since November 2014.
OPEC’s members and some non-OPEC oil producing countries have been reducing production since the start of 2017.
The output cuts which will expire at the end of this year have succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.
OPEC is scrambling to reassert its role in the oil market in the face of growing threats from US shale oil. The organization currently has 14 members, including Gabon and Equatorial Guinea which joined it recently.
Oil drops after Trump tweet
Oil prices fell following Trump's tweet. Brent futures were at $73.25 per barrel, down 53 cents from their last close. West Texas Intermediate (WTI) crude oil futures were down 45 cents at $67.84 a barrel.
Energy ministers in OPEC countries reacted to Trump’s tweet, saying prices are not artificially high.
“We are doing our role to correct the market,” United Arab Emirates Oil Minister Suhail Al Mazrouei said, according to Reuters.
“There are many things affecting the market, not just supply and demand,” he continued.
Microsoft fires employees for organizing vigil for Gaza victims
Divestment success in US
US budget deficit widens to $1.8 trillion, third highest on record
Hamas open to any proposal aiming to end Gaza war: Hamdan
Role of private sector in Iran’s thriving space industry
Four Palestinians killed in Israeli strikes on West Bank
Iran warns of ‘calculated, precise’ response to Israeli aggression
After year-long genocide, Israeli military hires private firms to flatten buildings in Gaza
Malaysia working on resolution to expel Israel from United Nations
Israeli military made no territorial gain in Lebanon: Report
VIDEO | 70 Palestinians killed in Israeli strikes across Gaza Strip
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
