Prices reached a three-year high this week
The President said it “looks like OPEC is at it again”, adding that oil prices are “artificially very high”.
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!
— Donald J. Trump (@realDonaldTrump) April 20, 2018
Oil prices have reached more than three-year highs this week, with expectations that the Organisation of Petroleum Exporting Countries will maintain a supply cut agreement propping up prices. The Saudi Arabian energy minister said ahead of the meeting that the global market has "the capacity to absorb higher prices".
Brent crude tumbled at the time Mr Trump published his tweet, and at 12.25pm was trading down 0.15 per cent for the day at $73.67 (£52.37) a barrel – still at a three-year high. US benchmark WTI also fell, to $68.22.
Saudi Arabia is said to be aiming for $80 oil, with some reporting the Kingdom is targetting $100.
“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the kingdom is on a bold and costly reform program. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader, earlier this week.