Trump tells OPEC to 'relax' and lower oil prices

"Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!" Trump tweeted.

This followed an increase in oil prices on Monday, due to political uncertainty, sanctions and involuntary curbs on several producers, Reuters reported.

President Trump has repeatedly tweeted about OPEC and oil prices, complaining about higher prices.

In its February monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month after heavyweight Saudi Arabia slashed output and exports fell in crisis-hit Venezuela, a decrease in line with the cartel's pledge to curb output in a bid to boost sagging prices.

In a deal made at the end of 2016, OPEC's regular members joined forces with other countries - most notably Russia - to scale back output in a bid to reduce a glut that was weighing on prices.

The move to cut production was criticised by US President Donald Trump, who urged OPEC to keep the taps open in order to push prices down.  

"The Organisation of Petroleum Exporting Countries (OPEC) and its allies, which account for 55 percent of world oil production, have faced a challenge in their role stabilising the oil market. Saudi Arabia, which has a significant surplus capacity, could not implement the necessary production reductions to maintain oil prices at $70 per barrel," wrote Omid Shokri Kalehsar in a piece for The New Arab.