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Evan Vucci, AP Photo, File

Trump declares oil prices too high, blames OPEC

By The Associated Press  |  Posted Jun 13th, 2018 @ 10:50am


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WASHINGTON (AP) — President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again. Not good!"

OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. OPEC is expected to meet again later this month.

Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices. That move took U.S. crude from about $50 a barrel in late 2016 to more than $70 in 2018. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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