Oil prices fall as Trump Tweets demands price cut

Oil prices fall as Trump Tweets demands price cut

Oil prices fall as Trump Tweets demands price cut

Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall.

The Saudis' pledges don't seem to have placated U.S. President Donald Trump, who resumed attacks on OPEC on Twitter on Tuesday for failing to moderate prices.

Saudi Arabia has told OPEC it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000 bpd from the level it said it produced in May, OPEC sources told Reuters. However, summer months in the USA usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.

On Saturday, Zanganeh accused Trump of "interfering" in OPEC affairs, saying that Trump's order to oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market".

Ardebili's accusations came as oil prices have surged in recent months. "REDUCE PRICING NOW!" Trump tweeted. -Chinese trade war and increased production by Saudi Arabia and Russian Federation outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran.

Kazempour Ardebili said Trump was trying to intensify tensions between Iran and Saudi Arabia and he called on the United States to join world powers in a meeting with Iran in Vienna on Friday.

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Brent crude futures were at 78.12 dollars a barrel. And that realization has helped drive up prices over the past two weeks as countries and traders worry about the security of future supplies.

"You are hammering on good guys in OPEC", he said.

Inventories at Cushing, Oklahoma, the delivery point for US crude futures, fell to their lowest level since December 2014.

The U.S. government is lobbying Iranian oil importers, including China and India, and "asking them to go to zero, absolutely yes", according to a U.S.

"The problem with strong enforcement of sanctions on Iran, offset by increases in Saudi production, is that it will take global spare oil production capacity to zero".

Despite the key member Saudi Arabia reaffirming that the cartel and its allies will boost output, Goldman Sachs warned that oil is likely to lead a new rally as the market faces significant supply risks from Venezuela to Iran.

Even so, renewed U.S. sanctions on Iran against its oil exports look set to tighten supply further.

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