Trump urges Opec to lower the price of oil

22 September, 2018, 02:54 | Author: Eric Barnett
  • Oil prices fall amid surprise growth in U.S. crude stocks

Bloomberg reported that while Saudi Arabia had no desire to push prices higher than $80, it may no longer be possible to avoid it. US sanctions affecting Iran's petroleum sector are due to come into force from November 4.

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!"

WTI prices were up Thursday morning on the news that US crude oil inventories were down 2.1 million barrels last week, the fifth straight week of declines.

President Trump warned members of OPEC again on Thursday that now is not the time to be greedy or the protection provided by the the Middle East could be in jeopardy. We will remember. The OPEC monopoly must get prices down now!' Trump wrote in his latest volley on Twitter.

He has consistently complained that oil prices are too high.

Trump's tweet makes sense "with oil prices close to the highs of the year", said Giovanni Staunovo, commodity analyst at UBS Group AG.

Rising U.S. gasoline prices could create a political headache for Trump before November congressional elections by offsetting Republican tax cuts.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming US sanctions against Iran, which are set to take effect in November.

The oil price dropped after the tweet.

Under pressure from the USA president, the Organization of the Petroleum Exporting Countries, Russia and other allies agreed in June to boost production by 1 million barrels per day, having participated in a supply-cutting deal since 2017.

On the opposite side of the same blade, USA sanctions against Iran, due to come into effect in November, sees the United States attempting to force Iran out of global oil markets, seeing a firm bolstering effect on crude barrel costs globally as traders brace for a disruption of supply lines from the Middle East.

After languishing at less than 6million barrels of oil per month between 2000 and 2011, American oil production began rapidly increasing from 2012 onwards.

Meanwhile, ministers from OPEC nations and non-OPEC producers are set to meet on Sunday to discuss compliance with output policies.

Industry sources familiar with Saudi oil plans say state energy giant Aramco can raise output quickly to 11 million bpd, but reaching 12 million bpd could take up to six months.



China urges U.S. to withdraw sanctions or face 'consequences'
Administration officials said they hoped the action against EDD would send a message to others considering buying the S-400. Washington also blacklisted an additional 33 people and entities associated with Russian military and intelligence.

Souness: Pogba hasn’t improved since joining Man Utd
The spirit, the cooperation, the empathy, the communication, all of that has improved and good results bring confidence. The French midfielder won the World Cup this summer but has struggled to find consistency playing under Jose Mourinho .

Democrats Want FBI To Investigate Kavanaugh Allegations. It Likely Won't
Blasey Ford asked for confidentiality, and the allegation was not made public - until this past weekend. Trump says he feels "terribly" for Kavanaugh, his wife "and for his handsome young daughters".

Brexit sold by liars, United Kingdom told
Luxembourg Prime Minister Xavier Bettel added: "It is an agreement, so we both have to find a compromise". That's after the European Union shut down May's Brexit proposal, known as "Chequers".

Three infants among five stabbed at New York daycare
One of the children was in serious condition, but none appeared to have sustained life-threatening injuries, authorities said. The suspect was taken into custody and then taken to New York-Presbyterian/Queens hospital with self-inflicted wounds.

SpaceX Plans Civilian Flight Around Moon for Billionaire
Musk says the Big Falcon is still under development and will undergo several test launches before it takes on passengers. He will be inviting six to eight artists, designers, and other creative people on the journey around the moon.

Simon Cowell 'signs America's Got Talent finalist Courtney Hadwin to Syco label'
He will receive a US$1 million prize and headliner status for a November AGT show in Las Vegas . Every time you perform, people are going to remember you. "I was pulling for him".

Mayfield era begins in Cleveland with first win in two years
He completed his first two passes - a 14-yard pass to Jarvis Landry and a 17-yarder to David Njoku - to move the Browns downfield. In his one main drive of the half, he helped lead a two-minute drill to a field goal (Yes, the Browns made a field goal!).

Pilots forget to pressurise cabin, causing passengers to bleed
And a third claimed: "Due to the negligence of cabin crew of #Jetairways .my four-year-old son suffered bleeding from the nose". Jet Airways also added that they are, "extending full cooperation to the DGCA for the ongoing investigation of the event".

GOP pushing forward for Kavanaugh, accuser wants 'fairness'
The Senate, the committee chairman notes, "and only the Senate", is tasked with vetting a president's Supreme Court nominee. But later, Grassley sent a letter to Blasey Ford setting a Friday deadline for her to respond to the invitation to testify.