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Trump declares oil prices too high, blames OPEC

4 months 3 days 18 hours ago Wednesday, June 13 2018 Jun 13, 2018 June 13, 2018 7:59 AM June 13, 2018 in News
Source: Associated Press
By: Associated Press

WASHINGTON (AP) - President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again. Not good!"

OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. OPEC is expected to meet again later this month. Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices.

That move took U.S. crude from about $50 a barrel in late 2016 to more than $70 in 2018. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

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