Iran slams Trump and his 'tweeting methods'

07 July, 2018, 10:31 | Author: Eric Barnett
  • Oil prices climb on tightening US market

U.S. President Donald Trump delivers remarks at a "Salute to Service" dinner held in honor of the nation's military at The Greenbrier in White Sulphur Springs, West Virginia, July 3, 2018.

Healy Baumgardner, a global fossil fuel adviser and the former press secretary for the Energy Department under President George W. Bush, told UPI there are factors beyond Iran that are influencing the price of oil, notably the growing fears of a global trade war. The logic is odd though. "To us it is clear that harsh application of Iranian sanctions will very likely spiral oil prices higher", Sankey wrote yesterday.

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

The latter have soared in the last two years to around 400,000 barrels per day in July, worth around $1 billion at current market prices. "Perhaps one of the US president's advisors should explain this to him", the German financial institution added.

The action has been praised by Trump who asked for that increasing, after he had withdrawn U.S. from the Iranian nuclear deal placing back the USA sanctions on it fulfilling demands from Middle East countries, despite the opposing of The European countries which have found more benefits on building business relationships with Iran, while the great deal of investments from this area as well as the oil from it go directly and mainly to US. Since when did you start ordering OPEC! "Your tweets have driven the prices up by at least $10/b". "Please stop using this method".

The US President used his usual American foreign policy card, threatening to withdraw American support from "those countries" that are "manipulating" oil prices. The legislation has floated around Washington for years, typically going nowhere because past presidents have consistently opposed the measure.

In response, a senior Iranian official accused Mr Trump of sending prices even higher through his tweets. "Do something about it!" "Gas prices are at insane levels - fire Obama!" he tweeted on October 12, 2012. The group is starting to lose control of the oil market now that the supply outages are piling up.

Last month, Saudi Arabia and Russian Federation agreed to increase production and the USA continues to produce at record levels, however, unless there is a drop in demand, it appears we are headed toward a supply deficit later this year. Plus, a report today from data-provider Genscape Inc. was said to show Texas Gulf Coast crude stockpiles rose by about 431,000 barrels last week.

Producing at that level would require more drilling and expanding existing fields - it isn't as simple as just opening the taps. Weekend discussions with Saudi Arabia, the de facto leader of OPEC, led to pledges from Riyadh to ensure the market was stable given lingering concerns about supply deficits.

Libya's National Oil Corp (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in 850,000 bpd of supplies being disrupted.



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