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Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says
09 July 2018, 12:36 | Austin Hogan
President Trump shakes hands with Saudi Crown Prince Mohammed bin Salman at the White House in March
Donald Trump seems intent on getting everyone's backs up during his time in the Oval Office.
Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.
Kazempour Ardebili also emphasized that the USA president was wrong to believe that Saudi Arabia and Russian Federation would help reduce oil prices, adding that both key global producers had little vested interest in bringing down the prices.
Saudi Arabia's resolve to increase production is inflaming tensions with Iran, which stands to lose customers as sanctions take effect. "The UAE can increase production at a point when oil price remaining high so they will increase their market share and it is positive for economic outlook and also the fiscal positon will see a surplus this year due to higher oil revenues", she said.
The most-active Brent futures contract for September delivery settled up 48 cents at $78.24 per barrel. WTI the previous day hit its highest since November 2014 at $75.27 a barrel.
Last month, Saudi Arabia and Russian Federation agreed to increase production and the USA continues to produce at record levels, however, unless there is a drop in demand, it appears we are headed toward a supply deficit later this year.
Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment.
The UAE was the fourth largest Opec producer with 2.89 million barrels per day in June after Saudi Arabia (10.3mbpd), Iraq (4.5mbpd) and Iran (3.7mpbd). This has made up for shortfalls in countries like Venezuela and the predicted losses in Iran.
OPEC-member Iran, however, has warned it would not accept other producers reaping the benefits by taking its market share.
Reports suggest that the United States wants to push Saudi's rival Iran to reduce its 2.5 million barrels per day production to almost zero.
Iran exported more than 2.4 million barrels a day in May, according to the International Energy Agency. In North Africa, OPEC members include Algeria and Libya.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".
"As we are all in agreement to depoliticise our efforts in the OPEC, we should not let others take politicized measures targeting OPEC's unity and independence".
"We're seeing a bounce to the upside thanks to spillover from a really good jobs number and strength in equity markets, as well as a draw in Cushing stocks", said Jim Ritterbusch, president of Ritterbusch and Associates.
"This must be a two-way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"
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