US president Donald Trump on Wednesday again blamed the Opec oil cartel for boosting prices.
“Oil prices are too high, Opec is at it again. Not good!” Mr Trump tweeted.
The comment comes ahead of a meeting next week of oil ministers from Opec and Russia who are debating an increase in output after more than a year of enacting cuts.
It also follows a similar tweet on April 20 when he said: “oil prices are artificially Very High” due to the supply curbs by Opec and its allies outside the cartel.
The Trump administration has quietly asked producers to increase production to make up for any shortfall from Iran which is under a new round of US oil sanctions.
Hedge fund manager Pierre Andurand responded to his tweet saying a price spike awaits as the number of countries with excess production capacity are few.
“Opec has the lowest spare capacity ever right now. There is going to be a real issue. Prices will be above $150 in less than 2 years. Eventually higher prices will bring more supply. But right now [there is] too little supply coming over the next few years despite US supply growth,” he said.
