Russian President Vladimir Putin has said President Donald Trump is “right” to complain that global oil prices are too high — but added Trump is to blame for higher prices.
According to CNBC, “President Trump has said he thinks the oil price is too high. Well, probably to some extend he’s right, but we are absolutely OK with it at $65 to $75 per barrel to ensure the efficient operation of oil companies and ensure investment,” Putin said Wednesday during an address to delegates at the Russia Energy Week forum in Moscow.
“But let’s be frank, such oil prices are to some extent the result of the U.S. administration. I’m talking about sanctions against Iran, about political problems in Venezuela and just looking at what’s happening in Libya.”
Putin added: “If we touched upon the topic we are discussing now with him (Trump), I would say, if you want to find the culprit of who’s guilty that prices are growing then you should just have a look in the mirror.”
Putin’s comments come after Trump criticized Russia and OPEC for a 2016 deal in which they agreed to curb oil output in a bid to support prices that had slumped in mid-2014 due to a glut in global supply.
The deal has worked and oil prices rose.