OPEC URGED TO SLASH PRICES

US PRESIDENT Donald Trump, pictured, yesterday linked American support for Middle Eastern countries to oil prices as he again urged Opec to lower prices. “We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The Opec monopoly must get prices down now!” Trump wrote on Twitter. The Republican president has lashed out at Opec over the past several months. Rising US petrol prices could create a political headache for Trump before November congressional elections by offsetting Republican claims that his tax cuts and roll-backs of federal regulations have helped boost the US economy. Trump has called on Saudi Arabia, Opec’s largest producer, to raise output, saying it should help the US lower fuel prices since Washington is aiding Riyadh in its struggle against Iran. Opec and its allies are unlikely to agree to an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices before new US sanctions on Iran. The sanctions take effect in November, as a result of Trump’s decision to pull out of a 2015 agreement on Iran’s nuclear programme. | Reuters