Oil climbs despite Trump’s call for OPEC to reduce pricing

Oil climbs despite Trump’s call for OPEC to reduce pricing

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".

"Donald Trump's call on other countries to stop buying crude oil from Iran and putting European companies under pressure with Nigeria and Libya being crisis-stricken, Venezuela's crude oil output having plunged and Saudi Arabia's consumption increasing due to summer, would be a kind of self-harm for the United States as it would lead to dramatic price hikes in the oil market", Ardebili said. "OPEC has not defined oil prices for the past 30 years, it is a financial market and regional hubs for marker crudes who does it?" It's telling that this is his third provocation on oil prices since April. The 15 member states are Iran, Iraq, Saudi Arabia, Venezuela, the UAE, Qatar, Nigeria, Libya, Kuwait, Gabon, Equatorial Guinea, Ecuador, Congo, Angola and Algeria.

"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"

Oil futures were climbing on Thursday, with USA crude hovering at its highest in about 3-1/2 years as supply disruptions continue to support the market. However, at its June meeting, OPEC agreed to slightly increase oil production. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.24% at $74.32 a barrel.

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.

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America wants to cut Iran's oil exports to zero by November.

The early reaction to Trump's tweet was normal.

Outside North America, looming US sanctions against major oil exporter Iran were the focus of attention.

Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the United States".

Hossein Kazempour Ardebili was quoted by the oil ministry's website Thursday as telling Trump to "please stop, " adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars". Americans pay the second-lowest price per gallon among major economies.

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