US President Donald Trump has criticized the Organization of Petroleum Exporting Countries (OPEC), saying “oil prices are artificially very high.”
In a tweet, Trump warned that the US “will not” accept artificial price controls from OPEC, which represents 14 of the world’s leading oil producers.
“Looks like OPEC is at it again,” Trump said on Friday. “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!”
Trump’s comments come after the international benchmark, Brent crude, traded above 73 dollars per barrel on Friday after hitting its highest point since November 2014.
OPEC’s members and some non-OPEC oil producing countries have been reducing production since the start of 2017.
The output cuts which will expire at the end of this year have succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early…