Trump demands OPEC produce more oil as prices get 'too high'
US President Donald Trump has demanded the Petroleum Exporting Countries (OPEC) produce more oil, warning the organization that oil prices are climbing “too high," issuing his second warning to the producer group this year as crude prices continue to rise.
“Very important that OPEC increase the flow of Oil,” Trump tweeted on Thursday. “World Markets are fragile, price of Oil getting too high. Thank you!”
Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!
— Donald J. Trump (@realDonaldTrump) March 28, 2019
Oil prices dropped on Thursday after a sudden rise in American crude inventories. Experts told the Reuters news agency, however, the fall does not “derail the short-term bullish argument that both the OPEC+ production cuts and supply outages will outweigh the global growth concerns and rising U.S. production.”
On Wednesday, oil prices extended the previous session's rise, with Brent creeping up by 17 cents to $68.14. The gain came after the global benchmark rose 76 cents to $67.97 a barrel on Tuesday.
Oil prices have been on the rise due to reductions in production and American sanctions on Venezuela and Iran.
US sanctions on Iran and Venezuela have removed more than 2 million barrels per day (bpd) of oil from daily global supply, according to Reuters.
Trump’s tweet comes months after OPEC and its allies reached an agreement to reduce output in December in an attempt to increase oil prices after a shocking drop near the end of last year.
The US president called on OPEC last month to “please relax and take it easy” in a tweet.
Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!
— Donald J. Trump (@realDonaldTrump) February 25, 2019
OPEC members were scheduled to meet to discuss cuts in April, but they have now pushed the meeting to June.
At OPEC, Saudi Arabia is at the forefront of a campaign for higher oil prices to balance its budget which is under heavy strains because of the kingdom’s costly war on Yemen.
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