Trump slams Opec, urging oil cartel to ‘get prices down now’
Donald Trump has slammed the Opec and urged the cartel to “get prices down”, citing the protection the US provides for countries in the Middle East.
Trump has urged Saudi Arabia to increase oil production in recent months to combat higher oil prices brought about by his own sanctions on Iran.
He has also previously criticised the oil producer group, whose members include Qatar, Saudi Arabia and Kuwait, accusing it of driving prices higher.
Read more: Oil prices break $80 per barrel mark
Brent crude oil had edged towards the $80 per barrel shortly before Trump's comments, while West Texas Intermediate (WTI) crude had crept above $71 per barrel, despite increased production in Saudi Arabia and Russia.
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!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
Trump said: “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.”
Brent crude dropped to $78.62 per barrel, and WTI crude also fell slightly to $70.69 in the wake of Trump's comments.
Read more: Energean swings to profit on higher oil prices
Opec and oil producers outside the group, including Russia, will meet on Sunday to revise oil production quotas.
It will be their last meeting before the US midterm elections next month.