“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump wrote on Twitter.
However, at a recent meeting OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out any immediate, additional increase in crude output.
“I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to fresh U.S. sanctions.
Readers Bureau, Contributor
Edited by Jesus Chan
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