U.S. President Donald Trump’s assertion that OPEC is propping up oil prices amid oversupply and an excess of floating storage has a problem: it’s only half true. While OPEC has been curbing supply in a successful bid to revive oil prices, the group’s success means that there’s no longer a global glut of oil. “Looks like OPEC is at it again,” Trump said in a Twitter post. “With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” Since January 2017, the Organization of Petroleum Exporting Countries and other nations led by Russia have been slashing supply. OPEC’s compliance with the agreement reached a record 164 percent last month, and non-OPEC adherence gained to 85 percent, according to Bloomberg calculations. The partners have been meeting in Jeddah, Saudi Arabia, […]