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Trump criticising OPEC: ‘Oil prices are rising more than expected’

February 26, 2019 at 3:02 am

US President Donald Trump expressed on Monday his concern over rising oil prices, criticising the Organization of the Petroleum Exporting Countries (OPEC).

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” Trump said via his verified Twitter account.

The price of a barrel of oil has reached 67 USD in world markets, after falling to below 60 USD a barrel last month, against the backdrop of OPEC’s production cut in agreement with Russia.

Saudi Arabia, OPEC’s largest producing county, has cut its production more than promised in January to 10.213 million barrels per day, a rate that exceeds the kingdom’s previous pledge to produce no more than 10.3 million barrels.

READ: Saudi Arabia resumes familiar role as swing producer

OPEC+ group agreed in December to return to production cuts for fear of the fall of prices and the increase of supplies.

The group has pledged to cut production by 1.2 million barrels per day starting from 1 January, provided that OPEC bears a cut quota of 800,000 bpd.

In the first half of 2019, OPEC and its allies will cut oil production by 1.195 million bpd to 43.874 million bpd.

All OPEC+ group members will meet on 17 and 18 April in Vienna to decide whether to extend the deal after June.