Trump renews fight with OPEC over ‘too high’ oil prices

Donald Trump is pictured. | Getty Images

“Oil prices are too high, OPEC is at it again. Not good!” President Donald Trump wrote on Twitter. | Saul Loeb/AFP/Getty Images

President Donald Trump complained Wednesday that “oil prices are too high,” placing blame for the spike on the Organization of Petroleum Exporting Countries, the cartel that collectively controls a massive share of the world’s oil reserves.

“Oil prices are too high, OPEC is at it again. Not good!” the president wrote on Twitter.

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Oil prices have risen roughly 60 percent over the last year, according to a Reuters report, thanks in part to a move by OPEC and other oil producers, including Russia, to reduce output. But the International Energy Agency said on Wednesday that it believes oil prices are unlikely to rise as sharply as they have in recent months, CNBC reported.

It is at least the second time this year that Trump has lashed out at OPEC over spiking oil prices. In April, the president threatened the group of oil producers that its efforts to push prices higher would “not be accepted,” although he did not specify what steps, if any, his administration might take.

“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!” Trump wrote on April 20.

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