President Trump Issues Oil Price Warning to OPEC: 'We Will Remember'


President Donald Trump continues to attack the Organization of the Petroleum Exporting Countries on Twitter, demanding Thursday morning that the cartel stop raising oil prices.

“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!” Trump tweeted. “We will remember. The OPEC monopoly must get prices down now!”

The president’s warning comes before OPEC and Russia — which is not an official member — are due to meet this weekend.

The international oil cartel will decide if they need to boost production amid rising prices and renewed U.S. sanctions on Iran.

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Prices have been gaining in recent months, something Trump does not want to see in the run-up to the midterm elections. The price of oil is reaching highs not seen since the early days of summer. Beginning Thursday morning, the price of oil was trading at over $79 a barrel.

Trump’s implicit warning of no longer protecting Middle Eastern countries will certainly loom large during the OPEC meetings.

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It’s not immediately clear what actions would be taken should they not opt to increase production.

This is far from the first time the president has complained on social media about OPEC’s artificial increases in the price of oil.

“Looks like OPEC is at it again,” Trump tweeted in April. “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!”

Energy development has become a major priority for the Trump administration.

In addition to rolling back a slew of Obama-era environmental regulations that have held back the oil and gas industry, the president has actively sought to increase domestic output.

Trump has also met with several European leaders in the past year in an effort to boost U.S. natural gas sales to the continent.

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The president’s agenda appears to be working. For the first time in two decades, the U.S. surpassed Saudi Arabia in crude oil production, becoming the biggest producer in the world.

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