"The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s," he tweeted on the American Independence Day.

Trump said that "This must be a two way street," before resorting to "REDUCE PRICING NOW!".

Following his tweet, oil prices have dropped on Thursday.

The prices have shot up in recent times after the US declared that it plans to impose sanctions against Iran from November, affecting its oil exports. Trump has also urged Saudi Arabia to raise its output, reports said.

According to the National Australian Bank, apart from the US-Iran conflict, the OPEC-Russia deal to cut oil output, too played a part in the escalation of oil prices.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the U.S. decision to end the Iran deal," it said in its latest report.

Even though Russia and OPEC said it will increase supply, US banks have predicted a sharp rise in oil prices in the second half of the year.

The OPEC consists of 15 member states. They are: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the Republic of the Congo, Saudi Arabia, United Arab Emirates, and Venezuela. 

Image: twitter.com/realDonaldTrump