Trump renews attack on OPEC for high oil prices

Trump renews attack on OPEC for high oil prices

U.S. President Donald Trump said that oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.

"Oil prices are too high, OPEC is at it again. Not good!" Trump wrote in a post on Twitter today after last raising the issue in April.

Oil prices have risen by around 60% over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce excess supply, Reuters reported.

Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output.

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