Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
24 September, 2018, 02:24
Trump's tweet pushed oil prices lower, with the price of West Texas Intermediate crude oil - the USA benchmark - falling from $71.28 per barrel to a low of $70.86, a drop of around 0.58%.
OPEC, Russia and some of their allies agreed in June to boost production by 1 million barrels per day, after agreeing to a supply-cutting deal since 2017.
Varga further expanded by saying that the current trade war between the U.S. and other countries should have impacted the price of oil. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas. The strategy worked. U.S. oil prices have almost tripled since crashing to $26 a barrel in early 2016.
The prospect of United States sanctions hitting Iran's roughly 2 million barrels per day in crude exports from November, when the rest of OPEC has limited spare capacity, has helped oil stay well above $70 a barrel since May, when Washington announced it would ditch an global nuclear agreement with Tehran. Prices at the pump hit four-year highs back in July. "We will remember. The OPEC monopoly must get prices down now!"
Capital expenditures alsoincreased year on year in Q2-by 2 percent to US$70 billion, the EIA review of 76 USA energy companies, 13 Canadian firms, 9 European, and 9 other companies showed. While Brent crude for November delivery increased 0.5 percent.
According to US Energy Information Administration figures, crude oil inventories fell for the fifth week in a row - diverging from Tuesday's unofficial data published by the American Petroleum Institute.
"It is hard for the US/Trump to complain, because it is the US' secondary sanctions on Iran that is driving the oil market tightness", analysts at Mizhuo Securities said in a note. Our outlook on crude oil remains neutral.
It is unclear how easily other producers, such as Saudi Arabia, Iraq and Russian Federation, can compensate for lost supply.
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.
The oil price dropped after the tweet.
US President Trump had some choice of words for the Organization of the Petroleum Exporting Countries (OPEC) members Thursday (September 20) morning ahead of the group's meeting in Algeria on Sunday (September 23).
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