Trump's tweets driving up oil prices

Trump's tweets driving up oil prices

United Press International reports in its article Iran blames Trump for the spike in oil prices that U.S. President Donald Trump continues to put pressure on U.S. allies in the Organization of Petroleum Exporting Countries.

Benchmark Brent crude oil was up 50 cents at US$77.80.

West Texas Intermediate crude for August delivery fell 63 cents to $73.51 a barrel at 11:37 am on the New York Mercantile Exchange.

The Iranian governor to OPEC said Thursday the USA president should avoid stepping into the production group's work with calls to drive down the price of oil. The president said the US defends many OPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands. This must be a two way street.

However, oil prices have shot up and Trump, anxious about the impact on United States voters ahead of November midterm elections, is appealing to the Saudis for help.

Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted US crude to 3-1/2-year highs. Now that prices have rebounded from a low of $30 a barrel in January 2016 to about $75, OPEC and other exporters led by Russian Federation have agreed to slowly increase exports by what will effectively be 700,000 barrels a day now, with another half million barrels later in the year as sanctions on Iran take effect. The Saudis said on Tuesday that they would increase production to offset what's not coming into the market from Venezuela and Iran (whose oil markets have been hobbled by sanctions), but did not say by how much. "While OPEC's effect on oil prices remains notable, the commodity is also rising for other reasons", Trump said Wednesday on Twitter.

Earlier, Kazempour Ardebili had said that Trump's pressure on global firms not to buy Iranian oil would drive prices higher and end up hurting the American economy.

More news: Thailand cave rescue: Boys 'can walk but can't dive yet'
More news: Apple Reportedly Releasing Five New iPhone Colors
More news: The Meghan Markle British Accent Uproar Needs to Chill

As the Trump administration prepares to re-impose sanctions on companies that purchase Iranian crude oil, Iran is responding by threatening to pull back the amount of oil it exports to neighboring countries, which could significantly disrupt the world supply.

Top exporter Saudi Arabia told OPEC it had raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

The price went up when OPEC chose to cut production past year. Saudi Arabia's all-time record high output level stands at about 10.7 mb/d.

Hossein Kazempour Ardebili, Iran's ambassador to the Organization of the Petroleum Exporting Countries (OPEC), was quoted by media as saying that the world - and specifically American consumers - would eventually consider Trump blameworthy for runaway oil prices in worldwide markets.

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.

Iran exported more than 2.4 million barrels a day in May, according to the IEA.

USA and Saudi objectives are not fully aligned, however, on oil prices.

Related Articles

  • Megaupload founder Kim Dotcom loses U.S.  extradition appeal

    Megaupload founder Kim Dotcom loses U.S. extradition appeal

    Kim Dotcom at his extradition appeal at the High Court in Auckland in 2016. Dotcom disputed the court's interpretation of copyright provisions.
    Wimbledon 2018: Federer storms through, Wozniacki out

    Wimbledon 2018: Federer storms through, Wozniacki out

    Novak Djokovic hit 31 winners, including 15 aces, in his 6-1 6-2 6-3 victory over Horacio Zeballos of Argentina on Court Two. The action has continued on day three at Wimbledon with bugs wreaking havoc during an upset result and the big guns firing.
    Sales of Micron Chips Blocked in China Amid Trade Tensions with US

    Sales of Micron Chips Blocked in China Amid Trade Tensions with US

    The chipmaker said it would comply with the ruling, but would request the court to reconsider or stay its decision. Beijing is holding up United States chipmaker Qualcomm's proposed $44 billion takeover of NXP Semiconductors.
  • Tony Parker considered offers from Spurs, Nuggets before choosing Hornets

    Tony Parker considered offers from Spurs, Nuggets before choosing Hornets

    The Spurs wanted Parker back in a mentorship role, but he will take on a significant role with Hornets behind guard Kemba Walker . Popovich has coached the team since 1997-98 and is the longest-tenured coach in the National Basketball Association .
    Hawaii bans sale of sunscreens with coral-harming chemicals

    Hawaii bans sale of sunscreens with coral-harming chemicals

    Oxybenzone and octinoxate, which are in most sunscreen products, are believed by scientists to be toxic to coral reefs . Critics say there aren't enough independent studies supporting the assertion that the chemicals harm coral reefs.
    Sochi oracle otter predicts victor  of Russia-Croatia match

    Sochi oracle otter predicts victor of Russia-Croatia match

    None of the teams in this side of the draw would have begun the tournament with realistic expectations of reaching the final. The biggest sports tournament in the world comes with some of the most heartbreaking moments for fans and players alike.
  • Syrian rebels agree to surrender to Assad in the south

    Syrian rebels agree to surrender to Assad in the south

    During Syria's seven-year war, it has conducted scores of air strikes on what it describes as Iranian or Tehran-backed targets. Almost 150 civilians have died since the government assault in the south began two weeks ago, according to the observatory.
    Tennis Star Andy Murray Withdraws From Wimbledon

    Tennis Star Andy Murray Withdraws From Wimbledon

    Asked if he could have pulled out from Wimbledon , Murray told Sportsweek on BBC Radio 5 live: "Yes, it is still possible". Tomorrow, Roger Federer will take to Center Court to get the famous championships at SW 19 underway.
    Sweden are easy to analyse, difficult to beat - coach Andersson

    Sweden are easy to analyse, difficult to beat - coach Andersson

    Last time out the Scandinavian side booked their last eight spot by beating Switzerland 1-0 thanks to a goal from winger Emil Forsberg.
  • Fans freak out as Carmelo Anthony looks set for Thunder exit

    For one, there's the money, and two, there's Anthony's reluctance to play more of a reserve role. He moved to power forward and had the ball in his hands far less than he was accustomed to.

    Anthony Bourdain worth $1.21M at the time of his death

    The court will appoint a guardian ad litem to represent their daughter Ariane's interests, because she's a minor. The will says that if Ariane had died before Bourdain, her nanny Myra Quizon would have received that money.
    Air strikes resume in southwest Syria after talks fail

    Air strikes resume in southwest Syria after talks fail

    Jordan's army has been distributing humanitarian aid and providing medical treatment at three points along the border, he said. Lavrov said all Syria-related issues were likely to be discussed at the coming summit meeting between U.S.