WASHINGTON – US President Donald Trump resumed on Thursday his attacks against the Organization of Petroleum Exporting Countries (OPEC), demanding that the cartel immediately lower the price of oil.
“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!,” Trump said via Twitter.
“The OPEC monopoly must get prices down now!,” the president said.
The price of a barrel of West Texas Intermediate (WTI), the US benchmark crude oil, is currently around $70 and has risen 7 percent this month and 20 percent in 2018.
OPEC representatives will meet this weekend in Algeria with delegations from Russia and other important oil-producing nations that are not part of the cartel to discuss production levels and verify compliance with the cutback in production of 1.8 million barrels per day (bpd), agreed upon in 2017.