Trump Declares Oil Prices ‘Too High,’ Blames OPEC

Wednesday President Trump said oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.

Oil prices have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce excess supply.

OPEC, a group of 14 oil-producing nations, is expected to meet again later this month.

Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output.

In the United States, rising gasoline prices have threatened to blunt other economic headwinds. Prices nationwide have edged up toward $3 a gallon as the U.S. hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

Trump tweeted on Wednesday: “Oil prices are too high, OPEC is at it again. Not good!”

Oil prices are too high, OPEC is at it again. Not good!

— Donald J. Trump (@realDonaldTrump) June 13, 2018
He last raised the issue in April.

Newsmax

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 and Venezuela.

One response

  1. OPEC Is The Blame For High Oil Prices People! It’s Called Manipulation Of Oil, For Profit’s To Be Made!

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