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Trump calls on OPEC to 'relax,' says oil prices are too high

File photo: US President Donald Trump. Photograph:( Reuters )

Reuters Washington, USA Feb 25, 2019, 06.28 PM (IST)

US President Donald Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (OPEC) to keep prices steady.

On Monday, oil prices edged up amid political uncertainty and sanctions and involuntary curbs on several producers but could face pressure from continued anxiety over the global economy and record US exports.

"Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!" Trump, whose administration has sanctioned crude from Iran and Venezuela, tweeted.

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OPEC members and non-OPEC producers such as Russia are leading efforts to rebalance the market and support oil prices.

Trump, who has made the US economy one of his top issues, has repeatedly tweeted about oil prices and OPEC, airing complaints about higher prices, including ahead of the organizations meeting in December.

Story highlights

On Monday, oil prices edged up amid political uncertainty and sanctions and involuntary curbs on several producers but could face pressure from continued anxiety over the global economy and record US exports.