Donald Trump says oil prices 'artificially very high'; OPEC members differ

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Donald Trump says oil prices 'artificially very high'; OPEC members differ

Post by Seva Lamberdar on Fri Apr 20, 2018 11:13 am

WASHINGTON: US President Donald Trump on Friday criticised the Organization of Petroleum Exporting Countries (OPEC) for what he said were artificially high oil prices, adding they "will not be accepted."

His comments on Twitter came as ministers from some top global crude producers met in Saudi Arabia to discuss maintaining limits on oil production.

"Looks like OPEC is at it again," Trump tweeted. "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!"

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 this year, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.

In reaction to the statement made by Trump, Iraqi Oil Minister Jabar al-Luaibi said that oil prices are "not very high".

"Everything is now fine and the market is stabilising," Luaibi who has met other ministers in Jeddah, Saudi Arabia.

United Arab Emirates (UAE) Energy Minister Suhail Mohamad al-Mazrouei also echoed similar views and said oil prices were not high and OPEC and non-OPEC countries were playing their role to correct the market.
Seva Lamberdar
Seva Lamberdar

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