US President Donald Trump told a gathering of world leaders during the United Nations General Assembly on Tuesday that OPEC (Organization of the Petroleum Exporting Countries) and its allied non-members have long been reliant on the security and defense offered by the North American country but despite this, the world's oil cartel continued to pump up the price of crude.
In his remark given during the 73rd session of the UN General Assembly (UNGA 73) in New York, the US head of state said that OPEC and several non-member allies like Russia have been ripping off the rest of the world by raising the prices of oil in the market, according to Fox Business.
Trump added that while the presence of the US forces served as a deterrent against those who attempt to disrupt the global oil trade flow, the organization should also contribute in the effort to establish and maintain military protection in the Middle East region.
This same message was expressed by the POTUS on his Twitter post last week, adding the demand that the oil monopoly should lower the prices of crude which has been hitting a four-year high this week.
Previous reports from this site indicated the surging costs per barrel with Benchmark Brent, for example, reaching USD$80 plus for each barrel of crude last week. But this figure was quickly superseded when the international benchmark for oil prices registered a whopping USD$82 per barrel on Tuesday, the first time since 2014, a CNBC report indicated.
According to the news outlet, it's the inaction in the part of the 15-member oil cartel which has driven the cost upsurge. However, OPEC clarified in its joint statement saying that the oil producer alliance will continue to monitor the crude market while making sure that the customer's demand will be met.
During the OPEC forum in Algiers, Saudi Arabia, the largest and the most influential member in the group, said that there's no need for them to increase crude output which Trump has earlier referred to as a solution to lower down the price of oil.
Saudi's oil minister, Khalid al-Falih added during a news conference held after the meeting that the Gulf State and the rest of the organization have already reached their quota.
Furthermore, al-Falih reiterated that OPEC and its allies hold no direct influence on the fluctuation of prices. Instead, it is Washington and its decision to put sanctions on Iran that affected the global oil pricing.
