The global market has the capacity to absorb higher oil prices, Minister of Energy, Industry and Mineral Resources Khaled Al-Faleh has said. Faleh’s statement at a meeting of oil producers in Jeddah on Friday came as crude hit the highest level in more than three years. The statement drew a swift reaction from US President Donald Trump who accused OPEC of inflating prices. “Looks like OPEC is at it again,” Trump tweeted. Oil has rebounded to over $70 a barrel, after prices crashed to as low as $26 in January 2016. “I have not seen any impact on demand with current prices,” Faleh told reporters, ahead of a ministerial committee for OPEC and non-OPEC producers. “Reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices,” he said. The ministerial committee said Friday that crude inventory levels […]