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Donald Trump attacked OPEC again

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The US President Donald Trump again accused the Organization of Petroleum Exporting Countries (OPEC) of generously raising oil prices.

“Oil prices are too high, OPEC is at it again. Not good!”, wrote Donald Trump in Twitter.

The crude oil prices rose by about 60% over the past year, thanks in part to OPEC+ quota deal, which included the cartel and non-cartel producers, including Russia.

The International Energy Agency (IEA), however, announced on Wednesday that it believes it is unlikely that oil prices will rise as sharply in recent weeks.

This is at least the second time this year, when Trump attacked OPEC because of rising oil prices. In April, the president threatened the group of oil producers that price-raising efforts “will not be accepted”, although it does not specify what steps the administration can take in this direction.

“OPEC seems to be repeating itself again, with record amounts of oil everywhere, including loaded tankers at sea, the oil prices are artificially inflated. That’s not good and will not be accepted”, wrote Trump in April.

Meanwhile, the two major producer countries, Saudi Arabia and Russia, are likely to suggest a possible increase in extraction quotas at the next meeting on this issue, which will take place in Vienna on June 22nd.