US President Donald Trump criticized the Organization of the Petroleum Exporting Countries (OPEC) on Friday, considering that crude oil prices are artificially high, adding that “they will not be accepted.”
Trump issued his comments on the Twitter network at a time when ministers of some of the world’s leading crude oil producers were in a meeting in Saudi Arabia to discuss maintaining production limits.
Looks like OPEC is at it again. 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!
— Donald J. Trump (@realDonaldTrump) April 20, 2018
OPEC producers and countries that do not belong to this cartel reached an agreement in 2016 to cut production by 1.8 million barrels per day to reduce the global oil surplus.
The agreement, which must end at the end of this year, managed to boost oil prices above 70 dollars per barrel from less than 30 dollars of the cost per barrel at the beginning of 2016.