President Trump to OPEC: “Reduce Pricing Now”
President Donald Trump Wednesday called on OPEC to “reduce pricing now” because the cartel is “driving prices higher as the United States defends many of their members for very little” money.
“This must be a 2-way street,” the President declared on Twitter:
The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a 2 way street. REDUCE PRICING NOW!
— Donald J. Trump (@realDonaldTrump) July 4, 2018
President Trump has long slammed OPEC for high Crude Oil prices, and Iran last month accused the President of stoking volatility after he withdrew from the nuclear deal in May.
Crude Oil prices have risen around 60% over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started reducing supplies in Y 2017.
The cartel agreed last month to raise its daily Crude Oil production by up to 1-M BPD over its current output.