Trump renews Twitter assault on OPEC, pushing to cut oil prices

13 June, 2018, 23:16 | Author: Billie Castillo

"With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!"

The world's top crude producers are key partners in the OPEC+ deal, which is created to prop up oil prices by cutting global output.

Most of the other OPEC nations are reportedly upset with Saudi Arabia for not consulting them prior to such comments and hints, and most of the OPEC members-excluding the Saudis and some of its Gulf allies (Kuwait, the UAE)-will not be able to lift production significantly in order to offset lower oil prices. Oil output for Venezuela has been crimped by the nation's economic crisis while USA sanctions on Iran could further reduce that country's output.

"The Trump administration is trying to intervene in the affairs of a sovereign organization", Iran's OPEC governor, Hossein Kazempour Ardebili, said in an interview.

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year.

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The president has been vocal about his dissatisfaction with oil prices in the past. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S. "The withdrawal from OPEC + will not be discussed", he said, confirming that Putin's meeting with the crown prince of Saudi Arabia will be held on Thursday.

Earlier in the session, Brent and USA crude futures had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts when they meet on June 22-23 in Vienna.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the US has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and USA sanctions on Iran.

Moscow will propose that OPEC and its Russia-led non-OPEC partners in the deal increase their combined production by 1.8 million bpd, starting as early as in July, Bloomberg reports, citing a person familiar with the Russian thinking. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession. Trump tweeted on April 20.

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