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OPEC meets in Vienna next week

President Donald Trump and Iran exchanged sharp words over oil prices Wednesday, with President Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.

The president sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.”

Oil prices have risen around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started reducing supplies.

The cartel meets June 22-23 in Vienna, and producers are seen as likely to increase production, perhaps before the limits are due to sunset at year-end.

The U.S. has pressured European and Asian clients to stop importing Iranian oil or doing business with the country as part of the sanctions placed on Iran.

Sources: Reuters, Wall Street Journal
As the Lord Leads, pray with us:
  • About how the price of oil affects Americans on a daily basis.
  • About increased rhetoric levels between President Trump and members of the regime in Iran.

  • For American oil producers.