US President Donald Trump fired a broadside at the Organization of Petroleum Exporting Countries for trying to raise crude oil prices in an Apr. 20 early-morning Tweet. “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!” his tweet read.
Crude oil for May delivery was down 7¢ at $68.21/bbl from its daily opening on the New York Mercantile Exchange in early afternoon trading.
OPEC’s new president announced in February that the cartel was working toward long-term management of oil supplies by its members and collaborating countries (OGJ Online, Feb. 19, 2018).
Suhail Al Mazrouei, the UAE energy and industry minister and OPEC’s president for 2018, said at the time that a draft framework for a long-term alliance would be ready by yearend.
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