US President Donald Trump has warned the Organization of the Petroleum Exporting Countries (OPEC) not to “manipulate” oil prices.
Asked in an interview with Fox News on Sunday whether he thought there were forces that manipulated the market, the American head of state was quick to point fingers at OPEC.
“OPEC is [manipulating the market] and they better stop it,” said the businessman-turned-politician. “Because we are protecting those countries; many of those countries.”
Oil prices are approaching $80 a barrel for the first time since 2014 and this has stoked rising concerns among major consumers, particularly in the auto-dependent US. American oil closed at $74.15 a barrel at the end of Friday.
Earlier this month, OPEC and other oil producing countries, including Russia, agreed to boost production by 1 million barrels per day from July 1.
That means Russia will raise output by more than 200,000 bpd while Saudi Arabia looks at…