Oil demand, OPEC create ‘perfect recipe’ for higher prices: Fmr. Shell Oil president

President Trump on Friday slammed OPEC on Twitter for creating “artificially high” oil prices and said the efforts would “not be accepted.”

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.