Crude Prices Mixed as Trump Calls for More Action From OPEC

Daniel Fowler
July 5, 2018

There are a number of factors behind the recent price rise.

"Opec and non-Opec countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy", Mazrouei said in a statement.

So maybe Trump can drive down oil prices by engineering a global recession.

The Organization of the Petroleum Exporting Countries pumped 32.32 million bpd in June, a Reuters survey showed, up 320,000 bpd from May.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", he wrote. If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

U.S. President Donald Trump speaks during the Salute to Service dinner at the the Greenbrier resort July 3, 2018 in White Sulphur Springs, West Virginia.

Trump also tweeted on the topic two weeks ago saying he hoped OPEC would increase production in an effort to keep prices down.

OPEC did not respond to a request for comment.

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Iran, OPEC's third-largest producer, is facing U.S. sanctions on its oil exports that are prompting some buyers to cut purchases.

Abu Dhabi National Oil Company (Adnoc) on Tuesday said it has the capacity to increase production by several hundred thousand barrels per day, if required to meet any potential supply shortage.

The Saudis have increased oil production, following an OPEC meeting last month, but it hasn't been enough to overcome the effects of reduced supplies from other producers. West Texas Intermediate, the USA benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014. Plus, a report today from data-provider Genscape Inc. was said to show Texas Gulf Coast crude stockpiles rose by about 431,000 barrels last week.

This is while world oil prices have climbed higher as the Trump administration has pressured United States allies to end all purchases of oil from Iran. It has made similar threats in the past, prior to the 2015 nuclear deal.

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

Investors had questions as "to whether Saudi Arabia and Russian Federation could or would really be able to ramp production quickly enough", said Rob Haworth, who helps oversee US$151 billion at U.S. Bank Wealth Management in Seattle.

But Tehran has threatened to take drastic action on the oil supply in retaliation against Trump's attempt to curb its exports.

Oil's early gains came after the website quoted Iranian President Hassan Rouhani as dismissing Washington's attempt to stop Iran's oil exports.

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