Oil prices climb on tightening USA market

05 July, 2018, 16:11 | Author: Billie Castillo
  • Donald Trump

The announcement comes after US President Donald Trump said on Saturday that King Salman had agreed to his request to ramp up oil production. Perhaps that is why the White House walked back President Trump's comments when they published details of Trump's conversation with King Salman.

Crude oil prices fell on Monday after Saudi Arabia said it could tap into its 2 million barrels per day in spare capacity to help address a pending market deficit.

Iran's OPEC governor, Hossein Kazempour Ardebili, accused the USA and Saudi Arabia of trying to push up oil prices and said both countries are acting against the foundation of OPEC.

"Your tweets have increased the prices by at least $10".

Trump has been pressing OPEC to increase its oil production in recent weeks, faulting the cartel for recent increases in prices.

"What we're seeing is an interesting dynamic between USA prices and global prices", Smith says.

The agreement from Saudi Arabia is surprising as in recent months they have agreed with Russian Federation and other OPEC+ members to keep production relatively low.

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On Fox, Trump directed blame at the Organization of Petroleum Exporting Countries, of which Saudi Arabia is a member. (So it's unclear how much effect Trump's morning tweet will have anyway.) On top of all that, Trump's decision to sanction Iran's supplies, and his generally hardline stance against the country, add to market worries. But according to Smith, U.S. oil prices have still risen to the mid-$70 mark thanks to record oil exports out of Texas, record refinery usage, and an outage of Canadian oil exports.

"Although geopolitical risk factors ranging from suspended oil exports from Libya, falling production in Venezuela and U.S. sanctions on Iran have supported oil, the oversupply concerns could make a return".

Abu Dhabi said it's ready to increase oil output in line with guidance set by OPEC and allied producers. Saudi Arabia itself is facing revenue problems because the prices of oil remained low for several years and the Kingdom is spending hugely on developmental activities.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

Ardebili also claimed that Trump's words are "discrediting" OPEC.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging 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. In this regard, Trump has asked Saudi Arabia to raise its oil production to help both his future and that of the Republicans.

"As Libyan port closures remove about three-quarters of their 1 million barrel-per-day exports, crude is pushing higher again today", he said.

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