Saudis see oil price on rise as Trump blasts OPEC

Saudi Energy Minister Khaled al-Faleh said today the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.

Faleh's statement at a meeting of oil producers in Saudi Arabia came as crude hit the highest level in more than three years.

"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,
"We never have a price target ... Prices are determined by the market," said Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy." - Saudi-Russia 'consensus' -