Donald Trump: OPEC is "doing little to help" with gas prices

07 July, 2018, 04:32 | Author: Frank Williams
  • Global outages overshadow underwhelming OPEC output hike

Oil will soon cost $100 per barrel due to supply disruptions caused by U.S. President Donald Trump, Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russian Federation would help bring down prices were in vain.

Iran's Opec chief, Hossein Kazempour Ardebili, hit back, saying: "Your tweets have driven the prices up by at least $10/b".

Oil prices dipped on Friday in a nervous market ahead of a raft of import tariffs expected to be imposed later in the day by the world's two biggest economies, the United States and China.

"REDUCE PRICING NOW!", Trump tweeted on Wednesday, accusing Oped of "doing little to help" lower pump prices.

Prices have risen as a result of Washington's plans to reimpose sanctions against Iran, OPEC's No. 3 producer, analysts said.

Saudi Arabia told the Organization of the Petroleum Exporting Countries that it increased production by nearly 500,000 barrels per day last month.

Brent crude futures LCOc1 were at 77.70 dollars per barrel at 6.53 GMT, down 54 cents, or 0.7 per cent, from their last close. "We expect you to be more polite".

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"Countries around the world-including key American allies and partners-already find themselves in the crosshairs, since the US measures penalize countries and companies that do business with Iran", wrote Suzanne Maloney, deputy director of foreign policy and senior fellow at the Center for Middle East Policy, Energy Security and Climate Initiative at the Brookings Institution. Despite that key member Saudi Arabia is affirming that the group and its allies will boost output, Goldman Sachs Group Inc. warned that oil is likely to lead a new rally as the market faces significant supply risks from Venezuela to Iran.

"You can find a fairly strong inverse relationship in national presidential election years between the gasoline price and presidential approval", said Kevin Book, managing director at Clearview.

China has indicated that it could place a tariff of 25 percent on USA oil.

Iran will stop oil exports from the Strait of Hormuz, the world's most important oil chokepoint, if the US succeeds in halting crude sales from the Persian Gulf nation, according to a Revolutionary Guards official.

An imminent shift in global oil trade flows was also affecting prices. "Since when did you start ordering OPEC", he said, according to Shana.

The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said.

"The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand", a cabinet statement said, following a meeting chaired by King Salman. Additionally, about 300,000 bpd of Libyan oil has been taken off the market.

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