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Mr Trump blames OPEC for high oil prices

Gasoil News - Published on Fri, 15 Jun 2018

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Sputnik reported that it is not the first time US President Donald Trump voices harsh criticism of the oil cartel accusing the OPEC for artificially keeping oil prices very high. US President Mr Donald Trump stated that the Organization of the Petroleum Exporting Countries (OPEC) is to blame for high oil prices.

In April-May, oil prices reached their four-year maximum. Brent crude oil price reached $80 per barrel for the first time since November 25, 2014. However, in late May, oil prices dropped in light of the reports about a possible relaxation of conditions of the OPEC-non-OPEC deal. In June, crude oil has been trading at about USD 75-76 per barrel.

Recently, the International Energy Agency (IEA) said in a report that the rapidly rising growth of oil prices would likely ease soon.

OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016, agreeing to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. The agreement, which came into effect in 2017, has been extended twice since then.

In April, Trump slammed the oil cartel, stressing that he would not accept "artificially very high" oil prices.

The signatories to the OPEC-non-OPEC deal are currently considering possible changes to the terms of the deal, in particular, the possibility of increasing oil production.

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Posted By : Nanda Koijam on Fri, 15 Jun 2018
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