President Donald Trump slammed OPEC for inflating oil prices after the cartel showed a willingness to further tighten crude markets.
“Looks like OPEC is at it again,” Trump said on Twitter, not long after energy ministers finished their meeting in Jeddah, Saudi Arabia. “Oil prices are artificially Very High! No good and will not be accepted!”
The president’s ire followed a stream of bullish signals from a meeting of oil producers in Saudi Arabia, chiefly from the kingdom’s Energy Minister Khalid Al-Falih. The crude glut that’s weighed on prices for three years has almost been wiped out by OPEC’s production cuts, but instead of celebrating victory the group is finding reasons to keep going and drive fuel inventories even lower.
The purpose of the shift in OPEC’s target was clear: There’s capacity for prices to rise even further beyond their current three-year high, Al-Falih said. [read more]