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Trump says high oil prices ‘will not be accepted’

Leaders of major oil producing countries are meeting in Saudi Arabia to discuss production cuts and potential long-term cooperation
AFP

Washington (AFP) – US President Donald Trump criticized the Organization of Petroleum Exporting Countries (OPEC) Friday for what he said were artificially high oil prices, adding they “will not be accepted.”

His comments on Twitter came as ministers from some top global crude producers met in Saudi Arabia to discuss maintaining limits on oil production.

“Looks like OPEC is at it again,” Trump tweeted. “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!”

OPEC producers and non-OPEC countries struck a deal in 2016 to trim production by 1.8 million barrels per day to reduce a global glut of oil.

The deal, which is due to run out at the end of this year, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.

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