Trump lays into OPEC again, says cartel is ripping off consumers

US President Donald Trump has again criticised the Organisation of Petroleum Exporting Countries (OPEC) and its members for taking undue advantage of oil consuming nations by keeping oil prices high.

Trump, who spoke at the United Nations General Assembly in New York yesterday, lashed out at OPEC and its allies for keeping oil prices high, saying that high oil prices negatively affect the economies of the world. He urged oil consuming nations not to rely on OPEC, stressing the importance of energy independence.

The U.S. President spoke against the backdrop of rising oil prices, which rose Monday to a four year-high at $81 per barrel and to $82 per barrel yesterday. Oil prices jumped more than 2% to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production. The refusal of OPEC to raise production negated an earlier call by Trump in a tweet for action to raise global supply.

Source: The Nation

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...