Oil price fell on Friday after U.S. President Donald Trump criticized OPEC on “artificially” keeping the oil price higher.
“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!” Trump wrote on Twitter.
Global benchmark Brent crude fell 0.96 percent to $73.07 a barrel on London’s intercontinental Exchange. While West Texas Intermediate crude oil for April delivery also was trading 0.86 percent lower to $67.70 a barrel on Friday.
Oil price recently hit three-year highs due to falling U.S. crude stockpiles and increasing geopolitical tension.
OPEC, the Organization of the Petroleum Exporting Countries, will meet in June to determine whether the terms of the agreement should be adjusted based on market conditions.
According to CNBC, OPEC Secretary General Mohammed Barkindo said Output cuts “not only arrested the decline but rescued the oil industry from imminent collapse and is now on course to restore stability on a sustainable basis in the interest of producers, consumers and the global economy”
It is still unclear why trump went after OPEC in his twitter and he didn’t give any details on what action his administration might take regarding oil or OPEC.