Crude Prices Mixed as Trump Calls for More Action From OPEC

Crude Prices Mixed as Trump Calls for More Action From OPEC

U.S West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher this week, showing a limited response to President Trump's tweet last Saturday, stating that Saudi Arabia had agreed to boost output by 2,000,000 barrels per day (bpd). In addition to that, the looming US sanctions on Iran, which according to Trump will be harshest ever has kept the markets at an edge.

Iran's OPEC governor Hossein Kazempour Ardebili said.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

In recent days, Trump has tweeted several times about global oil markets, complaining that prices are now too high, and insisting that major producers within OPEC increase production in order to bring those prices down. "Even if there is short term relief by an agreement to increase output, it is a demonstration once again that US sovereignty is undermined by foreign interests who control global oil supply, reducing our control over our economy, our foreign policy, and our future".

Saudi Arabia now produces about 10 million barrels of oil per day.

"A fall in the price per barrel won't serve the interests of the big oil producers", Kaddour stressed.

Saudi Arabia's crude output reached 10.3 million barrels a day in June, and the bank doubts the country can sustain an increase above 11 million in 2018.

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European countries, in particular France, Italy and Germany, have committed themselves to continuing to adhere to the Joint Comprehensive Plan of Action (JCPOA) even after America's exit from it and to import oil from Iran, and also suggested using the Euro to pay for imports.

US President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets in an interview that aired on Sunday.

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.

The US earlier this year withdrew from the deal limiting Iran's nuclear programme in return for allowing the company to resell its oil on world markets. Now global oil prices have recovered to 2014 levels, OPEC has agreed to relax curbs and Saudi Arabia must decide whether market share is more important than price.

"Oil bulls seem to have returned after Libya suspended oil exports from two key ports", said Hussein Sayed, chief market strategist at futures brokerage FXTM.

This week's price action indicates the market appears to have absorbed the recent announcement that an OPEC-led group and Russian Federation will raise output by about 1 million bpd. Mazrouei, who serves this year as OPEC's president, said the U.A.E.is ready to help ease any supply shortages in cooperation with OPEC. In this regard, Trump has asked Saudi Arabia to raise its oil production to help both his future and that of the Republicans. That reality was not acknowledged this past when a different senior State Department official told reporters that the United States expected global imports of Iranian oil to go to zero by November 4, when Washington will reimpose sanctions against Tehran's energy sector. He also called on the United States to join world powers in a meeting with Iran in Vienna on Friday. That was after Saudi Energy Minister Khalid al-Falih said the kingdom would honor the OPEC decision to stick to a 1-million-barrel increase.

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