U.S President Donald Trump on Wednesday, lashed out at the Organisation of Petroleum Exporting Countries (OPEC) over the current oil prices which he described as too high.
Upon his return from a successful peace summit with North Korean leader, Kim Jong Un in Singapore, Trump tweeted: “Oil prices are too high, OPEC is at it again. Not good!”
Even though he did not clearly accuse the oil cartel of anything, his tweet reechoes the US pressure on OPEC to keep prices in check especially as global benchmark prices hovers around $80 per barrel, raising pump prices in the U.S months before the midterm elections.
Bloomberg News quotes industry sources as saying that the U.S. has lobbied Saudi Arabia and other members, arguing they need to raise output by 1 million barrels a day to keep prices in check.