OPEC – the Organisation of Petroleum Exporting Countries – has come under fire from US President Donald Trump for producing “artificially very high” oil prices.
The cost of brent crude oil hit a three-year high yesterday of $74.74 per barrel amid escalating conflict in Syria leading to Middle East supply concerns.
Meanwhile, OPEC shows no sign of ending the supply cuts, with Reuters reporting that Saudi Arabia wants to see oil prices of $100 a barrel.
In response President Trump tweeted: “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!”
Earlier, John Kilduff, a partner at New York-based hedge fund Again Capital LLC, said major oil-producing countries “may be getting a little nervous” about the high prices.
It comes as OPEC meets in Saudi Arabia to discuss their supply cut goals.
