Trump To OPEC: 'Reduce Pricing Now!'

Oil prices climb on tightening US market

The price of West Texas Intermediate crude oil is now around $74 a barrel.

The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasizing his great personal relationship with the Saudi king and crown prince.

"Your tweets have increased the prices by at least $10". Trump, meanwhile, clearly thinks they should be stabilized at a significantly lower level. Those who don't comply could face United States sanctions as part of Trump's withdrawal from the Iran nuclear deal.

Kazempour accused Trump of trying to ramp up tensions between Iran and its regional rival, Saudi Arabia.

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. The Saudi pricing is the first of the monthly releases by state oil companies in the region and most producers usually follow the country's lead.

US West Texas Intermediate crude futures were down 16 cents, or 0.2 percent, at.98 per barrel.

Faced with the return of USA sanctions, Iran is studying a revival of a plan to barter crude oil for goods, possibly resuming the scheme that it used to try to blunt the impact of the previous round of sanctions between 2012 and 2016.

Saudi Arabia's objective, revealed at the OPEC meeting in June, has been to stabilize production and prices around current levels. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran. Cutting prices can be seen as an indication that a country wants to supply more crude. And yet, you are asking them to reduce the prices?! Analysts had expected a 3.5 million-barrel draw.

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"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump tweeted on the Fourth of July. This must be a two-way street.

"OPEC has not defined oil prices for the past 30 years", Kazempour said.

"As a result, American consumers would have to pay the price of Trump's unilateralism at gas stations". Prices to (sic) high!

OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

But most of those states are solidly Republican and likely to vote Trump's party at the mid-term congressional elections in 2018. After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon.

USA crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels, according to the American Petroleum Institute (API) on Tuesday.

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

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