Trump to OPEC: 'Reduce pricing now!'

Oil prices climb on tightening US market

Oil prices climb on tightening US market

On Thursday, The Wall Street Journal reported that public listing preparations of state-run Saudi Aramco have stalled.

He said Trump had in fact made the United States a hostage to Russian Federation and Saudi Arabia as a result of his campaign to undermine Iran's oil exports, stressing that the U.S. president should have expected this when he moved to block Iran's access to global markets. Saudi and Russian Federation are striving hard to bring in equilibrium.

Saudi Arabia also said it would reduce the official selling price of its August barrels. That is why Trump has asked Saudi Arabia to increase oil production by around 2 million barrels, in order to fill the gap and maintain a stable price.

Top Photo | Workers at an oil facility near Riyadh, Saudi Arabia.

According to Commerzbank, OPEC now has just enough oil to meet global demands without Iran's supply. Those who enjoy lower costs and can generate higher revenues from improved exports.

"There are indications that Iranian oil exports have already begun dropping during the first half of June, mostly to Europe".

The commitment is likely to add 600,000-650,000 barrels per day to the market. For the same period, analysts expected crude inventories to decrease by about 4.5 million barrels.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in U.S. gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", he said.


It's not surprising, then, that Trump is upping the pressure on OPEC.

In addition to showing the tension between these two sides, the OPEC summit also reveals that the cartel has much less market control than they would like to have.

These cuts have been the greatest gift to shale. Besides, for the third week in a row, USA production stagnated at 10.9 million bpd - close to the 11 million bpd production that many had forecast for the year.

Trump also tweeted on the topic two weeks ago saying he hoped OPEC would increase production in an effort to keep prices down. In early 2016, as a result of the easing of sanctions, oil production in the Republic greatly expanded, and exports rose to around $55bn in 2017, 70% more than in the previous year.

Outside North America, looming US sanctions against major oil exporter Iran were the focus of attention. This was a major achievement at the recent OPEC summit in Vienna.

The big problem with OPEC is that when prices went up they became accustomed to an unjustified oil revenue and when they went down they faced huge deficits from unsustainable subsidies.

At the same time, Trump wants countries around the world to stop buying Iranian crude oil - a key part of his decision to withdraw from the Iran nuclear deal and reimpose sanctions.

Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and USA refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte. But Obama never attacked OPEC or rebuked it on public!

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