(News Desk) – US President Donald Trump says “oil prices are too high,” blaming the Organization of Petroleum Exporting Countries (OPEC) for the 60 percent rise of oil prices over the last year.
“Oil prices are too high, OPEC is at it again. Not good!” the president wrote on Twitter.
This is not the first time Trump has been vocal about his dissatisfaction with oil prices and critical of OPEC. Back in April Trump tweeted:
“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’s criticism ironically comes at a time where US crude oil futures were trading near $66 a barrel on Wednesday falling about 9.5 percent from a multiyear high of nearly $73 a barrel on May 22.
Oil prices fell this month on reports that the Trump administration asked Saudi Arabia, OPEC’s biggest producer, to start pumping more as renewed US sanctions on Iran begin to hit the country’s exports.
However, OPEC’s president, Suhail Al Mazrouei, said on Tuesday that the US has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and US sanctions on Iran.
“The US is important to us, but … we have not received any official communication, or even unofficial communication, from the administration,” the OPEC president told CNN.