Trump lashes out at OPEC as it pushes for higher oil prices

• As Nigerian Brent up at $73.79 per barrel

U.S. President Donald Trump slammed the Organisation of Petroleum Exporting Countries (OPEC) for inflating oil prices after the cartel showed a willingness to further tighten crude markets, Bloomberg reports.

“Looks like OPEC is at it again,” Trump said on Twitter, not long after energy ministers finished their meeting in Jeddah, Saudi Arabia. “Oil prices are artificially Very High! No good and will not be accepted!” The president’s ire followed a stream of bullish signals from a meeting of oil producers in Saudi Arabia, chiefly from the kingdom’s Energy Minister Khalid Al-Falih.

The crude glut that’s weighed on prices for three years has almost been wiped out by OPEC’s production cuts, but instead of celebrating victory the group is finding reasons to keep going and drive fuel inventories even lower. Brent crude, the international benchmark, fell about 69 cents at the time of the tweet, before trading down 0.8 percent at $73.17 a barrel as of 2:31 p.m. in London.

Meanwhile, an improvement in Nigeria’s oil earnings is on course as prices held firm on Friday near three-year highs reached earlier this week as ongoing (OPEC)-led supply cuts, as well as strong demand, gradually draw down excess supplies.

According to the News Agency of Nigeria (NAN), Brent crude oil futures were up at $73.79 per barrel at 0440 GMT. U.S. West Texas Intermediate (WTI) crude futures down 2 cents at $68.40 a barrel.

Both Brent, which Nigeria produces, and WTI hit their highest levels since November 2014 on Thursday, at $74.75 and $69.56 per barrel respectively.

Oil prices have been pushed up by a gradually tightening market.

Led by top exporter, Saudi Arabia, OPEC has been withholding production since 2017 to draw down a global supply overhang.

The tighter oil market is feeding into refined products.

Oil supply tightness is also a result of healthy oil demand.

Beyond OPEC’s supply management, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on OPEC-member Iran.