Abu Dhabi: US president Donald Trump on Thursday urged Opec (Organisation of the Petroleum Countries) member countries to increase oil production to bring down prices which are currently trending at about $67 (Dh246) per barrel.
In a tweet, Trump said “Very important that Opec increase the flow of oil. World markets are fragile, price of oil getting too high.”
International benchmark Brent is currently trading at $66.79 per barrel with US crude West Texas Intermediate at $58.52 per barrel.
Opec member countries led by Saudi Arabia and its allies including Russia are currently cutting output by 1.2 million barrels per day to rebalance oil markets and support oil prices. The deal which came into effect on January 1 year will continue till June.
Trump is critical of Opec and its polices on oil production. He pressured Opec to increase output when oil prices touched $80 per barrel last year.
Opec, on the other hand has been defending its polices with the secretary general of the organisation saying the decisions taken by the group are helping the growth of the US shale industry and has a positive impact on the US economy.
“The consensus even among producing companies in the United States is our decisions are beneficial to the US companies and by extension to the US economy,” said Mohammad Barkindo speaking to reporters in Abu Dhabi earlier this year.
“We are helping in no small measure in ensuring the growth and development of the US oil industry through our stabilisation measures.”