In the US, gasoline prices jumped after crude oil futures spiked nearly 15 percent following weekend attacks on Saudi Arabian oil facilities.
“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down,” Trump told reporters.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
US light crude (CLc1) rose $1.31 a barrel from Friday’s close to a peak of $71.11, its highest since mid-July, before easing to around $71.00, up $1.20, by 0900 GMT on Tuesday.
Many countries, including US allies in Europe as well as China and India oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.
Both Brent and WTI crude oil benchmarks opened the year above $60 per barrel for the first time since January 2014.
US President Donald Trump opened his presidency with controversial remarks about "taking control" of Iraq's oil. He also moved to immediately roll back climate change initiatives. We explore how the fossil fuel industry views the Trump presidency.
Prices spike five percent following the oil organization's announcement. This is OPEC's first output limit in eight years.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2023 TRT World.
Like
Follow