US President Donald Trump has declared that oil prices are too high and blaming the Organisation of Petroleum Exporting Countries and non-OPEC coalition which control a significant portion of the world’s crude supply.
Trump tweeted on Wednesday: “Oil prices are too high, OPEC is at it again. Not good!”
OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. OPEC is expected to meet again later this month.
Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices. That move took U.S. crude from about $50 a barrel in late 2016 to more than $70 in 2018. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia Venezuela, Libya and Nigeria.