Trump OPEC blamed the high price of oil

© AP Photo / Evan VucciПрезидент USA Donald trump. Archival photoTrump OPEC blamed the high price of oil© AP Photo / Evan Vucci

The President of the United States Donald trump criticized the influence of OPEC to maintain high oil prices.

«Oil prices are too high, OPEC again. Not good!» — trump wrote on Twitter.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal started from the beginning of 2017 and has twice been extended, most recently until the end of 2018.

One of the main objectives of OPEC+ is the reduction of commercial stocks of oil and oil products in the world to the average level over the past five years. In the may report, the IEA reported that the countries of the Vienna agreement reached this goal in March. Then OPEC in its monthly report said that commercial stocks of oil and oil products in OECD countries in April was at 26 million barrels below their average over the last five years, but at 240 million barrels exceeded the level of January 2014.

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