President Trump on Friday slammed OPEC on Twitter for creating “artificially high” oil prices and said the efforts would “not be accepted.”
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But former Shell Oil president John Hofmeister disagreed with the president’s stance.
“I don’t think he has a good grasp that the glut of oil has essentially disappeared,” Hofmeister told FOX Business’ Stuart Varney on “Varney & Co.” on Friday.
According to Hofmeister world oil demand from strong economies and OPEC production cuts are creating spikes.
“That’s a perfect recipe for higher prices,” he said.
Hofmeister added prices would continue to rise as the year progresses.