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Trump Hits Out at OPEC Nations in UN Speech: ’Horrible Oil Prices Won’t be Tolerated’

Posted September 25, 2018

Under Economic Issues, International Trade Issues


United States President Donald Trump lashed out at the Organisation of the Petroleum Exporting Countries (OPEC) while speaking at the United Nations General Assembly, accusing it of arbitrarily raising the crude oil rates to adversely affect the economy of oil importing nations.

“The OPEC is responsible for the unreasonable hike in fuel prices. They are the same nations who rely on us for protecting them. And then, they want to exploit the situation. I want to make this clear – we will not accept the horrible oil prices,” Trump said.

The international Brent crude oil rates have jumped to a four-year high, hovering $81.4 per barrel. The soaring prices have skyrocketed the rates of petrol and diesel in the importing nations.

The American President advised importing nations to take cue from Poland, which has used its natural gas reserves to eliminate the dependence on OPEC nations. Click here to read more.