Tip News

June 22, 2018

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

OPEC on tightrope as output target talks prompt clash

OPEC on tightrope as output target talks prompt clash

OPEC energy ministers scrambled to hammer out a compromise on oil output policy Friday as they debated a Saudi proposal to ramp up production that has encountered fierce resistance from sanctions-hit Iran.At stake is the fate of an 18-month-old supply-cut deal

Chinese island eyes oasis from web censorship for foreigners

Chinese island eyes oasis from web censorship for foreigners

China's Hainan island has proposed allowing foreign visitors access to censored websites such as YouTube and Facebook, a double standard that has raised cries of indignation from the country's internet users.The province, known as China's Hawaii thanks to i

Trade conflict already sapping German economy

Trade conflict already sapping German economy

An industrial powerhouse built on massive exports and a gigantic car industry, Germany is among the nations most sensitive to mounting trade tensions between the United States and other major economies.US President Donald Trump has in recent weeks struck his f

Greece 'turning a page' as eurozone agrees debt relief

Greece 'turning a page' as eurozone agrees debt relief

The Greek government on Friday said the country was "turning a page" after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy."Greece is turning a page, its debt is now viable," government spokesman

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

Sending comment Close