Trump Says Gas Prices Are Up, OPEC 'Doing Little To Help'

Adjust Comment Print

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".

"This must be a two-way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"

OPEC and partners agreed on June 23 to increase oil production, with the Saudi and Russian energy ministers saying it would add about 1 million barrels a day to the market. The bank said that US efforts to block Iran from exporting oil would make it hard for OPEC to meet supply demands, forcing prices to rise.

Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as $100 per barrel. "Please stop using this method".

"Oil bulls seem to have returned after Libya suspended oil exports from two key ports", said Hussein Sayed, chief market strategist at futures brokerage FXTM.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile U.S. action. Brent crude lost 38 cents to $77.84 a barrel.

A Reuters survey estimated us crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29.

The barrel of West Texas Intermediate touched its highest level since November 2014 above $75 on Tuesday but made a deep correction to end the day flat near the $74 mark.

Six boys exit the cave, says senior official
The Thai official in Sunday night's news conference said rescue workers need "about 10 hours" to prepare for next operation. Several of the boys emerged from the cave on Sunday , about eight hours after 18 divers began their operation to free them.


Trump's move comes as the world suddenly finds itself dangerously short of meeting rising global demand that's set to hit 100 million barrels per day by the fourth quarter, compared to 98.7 million during the same period a year ago.

Meanwhile, the market continued to watch rising US crude output, with this week's oil drilling rig count data, an indicator of future production, due at 1 p.m.

Oil prices have been rocked by recent comments from President Donald Trump.

Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon.

"Bulls are regaining control", said Tamas Varga, an analyst at PVM Oil Associates Ltd.in London.

President Trump is also anxious to compel European allies to stop buying oil from Iran, which the Trump administration is trying to further isolate with sanctions and by pulling out of the 2015 nuclear deal signed between the United States, Iran, China, Russia, France, the United Kingdom, and Germany.

American crude shipments to China are around 400,000 barrels per day (bpd), worth $1 billion a month at current prices. "Since when did you start ordering OPEC", he said, according to Shana.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in USA gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour Ardebili told Reuters.

Comments