WASHINGTON – US President Donald Trump renewed his attacks against the Organization of Petroleum Exporting Countries (OPEC) on Wednesday, blaming the organization for the rise in oil prices.
“Oil prices are too high, OPEC is at it again. Not good!,” Trump said on Twitter soon after returning to the United States from his historic summit in Singapore with North Korean leader Kim Jong-un.
The price of crude oil is currently around $66 a barrel, up 40 percent since last year.
In April, when the price of oil reached $68 a barrel, Trump accused OPEC of keeping prices “artificially very high.”
The US president’s tweet comes a little over a week before OPEC and non-OPEC oil producing nations meet in Vienna from June 22-23 to discuss the organization’s production policy.
In 2017, OPEC and several other oil-producing countries like Russia agreed to curb production in order to support prices.