Jeddah – The international market can handle an oil price hike, Kuwait News Agency (KUNA) quoted Saudi Arabian minister of Energy Khaled Al Faleh as saying this Friday (20), while United States president Donald Trump criticized, via Twitter, the Organization of Petroleum Exporting Countries (OPEC) for the production cuts it has been making since last year.
“Oil prices are artificially Very High! No good and will not be accepted!,” the USA president tweeted.
According to Al Faleh, adherence to the agreement reached by OPEC member and non-member countries is currently at 145%. The deal’s signatories pledged to slash their combined output by 1.8 million barrels per day to keep prices steady.
Faleh also said international petroleum stockpiles have decreased by 300 million barrels since January 2017. Despite the current price of around USD 70 per barrel, the minister warned of volatility, adding that OPEC will reassess international reserves at its meeting in Vienna next June.
Translated by Gabriel Pomerancblum
