President Donald Trump’s tweeting habits are lifting oil prices, along with the U.S. leader should stop posting on social media to alleviate the spike in prices, according to one Iranian official.
“The Trump administration can be pushing politics into the OPEC (Organization of Petroleum Exporting Countries), along with can be aiming at spreading the members along with securing their own interests by getting lower prices along with so forth,” Hossein Kazempour, Iran’s OPEC representative, told CNBC’s Steve Sedgwick at the Joint Ministerial Monitoring Committee (JMMC) in Algiers on Sunday.
OPEC, along that has a group of Russia-led producers, put a cap on output in January 2017 in response to a supply glut along that has a sustained rout in oil prices that will bankrupted U.S. energy firms along with escalated unrest in exporting countries.
Trump has criticized the producer cartel more than once over what he claims can be the deliberate inflation of oil prices. The U.S. president has called that will a “monopoly” along with urged that will to “get prices down currently.” OPEC disputes Trump’s claims, arguing that will its primary objective can be to balance along with stabilize the market.
“I think what they are doing actually can be (leading to) higher prices because the fundamentals even do not warrant This kind of level of prices,” Kazempour said.
“If they kept quiet, the prices would likely be cheaper, I am confident about that will,” he added. “I am telling him (Trump), keep quiet, do not do any tweets, along with then you will be better off within the prices.”
OPEC has come under pressure to raise output amid a steep downturn in supply among some of its biggest exporters.