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Trump accuses OPEC of raising oil prices

AFP  |  Washington 

US today accused the Organisation of Exporting Countries of raising prices, in a fresh swipe at the cartel's agreement to cap production.

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

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

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

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

"With record amounts of Oil all over the place, including the fully loaded ships at sea, 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 above USD 70 a barrel from below USD 30 a barrel in early 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 18:15 IST
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