Trump accused OPEC of artificially raising oil prices - ForumDaily
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Trump accused OPEC of artificially high oil prices

US President Donald Trump said that oil prices are artificially high, and criticized the work of the Organization of Petroleum Exporting Countries (OPEC). He made it clear that he would no longer tolerate such a state of affairs, writes News.ru.

Photo: Facebook The White House

“It looks like OPEC is at it again. With record volumes of oil everywhere, including fully loaded ships at sea. Oil prices are artificially high! No good and will not be accepted!” Trump wrote in Twitter.

OPEC said that prices were not artificially inflated. The organization plans to hold a meeting in June to discuss the next steps aimed at supporting prices that have plummeted, writes Reuters.

Trump did not specify what kind of response his administration could take, and White House officials refused to comment on the statement of their chief.

Oil reacted quickly to Trump’s statement - its prices fell slightly on Friday: prices for Brent futures contracts fell by 53 cents, to $73,25 per barrel; WTI futures fell 45 cents to $67,84 per barrel.

For the United States, the only direct way to influence oil prices is to sell stocks from strategic reserves. The American government uses this method infrequently - for example, the last time this was done was in August last year after tropical storm Harvey, when several oil refineries were closed due to floods.

Indirectly, prices may also be pushed up by Trump’s promise to re-impose sanctions against Iran, an OPEC member.

Meanwhile, the largest oil exporter, Saudi Arabia, would like it to rise again to $80 or even $100 per barrel, they said Reuters three industry sources.

Recall, OPEC and a number of non-organization countries (OPEC +) agreed at the end of 2016 in Vienna to reduce their production by a total of 1,8 million barrels per day from October level of 2016, of which 300 thousand falls on Russia. In November 2017, the parties to the agreement extended it for the entire 2018 year.

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