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President-elect Donald Trump calls to media from the entryway of Trump National Golf Club Bedminster clubhouse, Sunday, Nov. 20, 2016 in Bedminster, N.J.. (AP Photo/Carolyn Kaster)
President-elect Donald Trump calls to media from the entryway of Trump National Golf Club Bedminster clubhouse, Sunday, Nov. 20, 2016 in Bedminster, N.J.. (AP Photo/Carolyn Kaster)

Trump declares oil prices too high, blames OPEC

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WASHINGTON (AP) — President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again. Not good!"

OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. OPEC is expected to meet again later this month.

Oil Rig

Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices. That move took U.S. crude from about $50 a barrel in late 2016 to more than $70 in 2018. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

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