Tip News

January 18, 2019

Trump accuses OPEC of driving up oil prices

Trump accuses OPEC of driving up oil prices
'"Oil prices are too high, OPEC is at it again. Not good!" President Trump wrote on Twitter' - By: AFP/File Nicholas KAMM

US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

"Oil prices are too high, OPEC is at it again. Not good!" he wrote on Twitter.

Oil prices peaked in late May, hitting the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.

Traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.

In April Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices -- a remark that drew a swift reaction Trump.

"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 tweeted on April 20.

OPEC producers and non-OPEC countries struck a deal in 2016 to trim production by 1.8 million barrels per day to reduce a global glut of oil.

The deal, which is due to run out at the end of 2018, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.

Short link: https://tipnews.com/u/NTI5NjU=

See also:

Related articles

EU sets out plans for 'limited' US trade deal

EU sets out plans for 'limited' US trade deal

The EU pressed on Friday with plans to forge a trade deal with the US, part of an effort -- backed by Germany -- to avert a trade war with President Donald Trump.Negotiating a deal was the key to a transatlantic truce secured last year after the US slapped tar

A month into US govt shutdown, the economy blinks first

A month into US govt shutdown, the economy blinks first

After four weeks, the partial shutdown of the US government has begun to rattle the world's largest economy, particularly hitting consumer sentiment, a mainstay of growth.A closely-watched monthly consumer survey on Friday touched its lowest level since Presi

NASA and China collaborate on Moon exploration

NASA and China collaborate on Moon exploration

The space agencies of the United States and China are coordinating efforts on Moon exploration, NASA said Friday, as it navigates a strict legal framework aimed at protecting national security and preventing technology transfer to China."With the required app

Minus US govt, Davos faces Brazilian populism and Brexit

Minus US govt, Davos faces Brazilian populism and Brexit

Organisers of next week's annual Davos conclave put on a brave face Friday after US President Donald Trump withdrew his entire delegation, insisting the forum still had plenty of political and corporate firepower in its debating armoury.Trump himself had alre

HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST Trump accuses OPEC of driving up oil prices

Sending comment Close