Trump bashes OPEC for 'high' oil prices

Trump bashes OPEC for 'high' oil prices

Iran's OPEC governor Hossein Kazempour Ardebili speaks to journalists at a news conference in Tehran, Iran March 7, 2005.

"Let's face it, it seems like Opec's policy will more than likely change come June 22 - 18 months of hard graft and quite frankly, astounding compliance by all members has done its job and flat price is up at a dizzying height of $76 per barrel", said Dubai-based Matt Stanley, Fuel Oil Broker, Freight Investor Service.

The 14-strong Organization of the Petroleum Exporting Countries and 10 non-OPEC producers, led by Russian Federation, are set to meet on June 22 and 23 to discuss the future of previously pledged production cuts of over 1.8 million barrels a day.

The two countries share a common view that production should increase gradually, but the precise volume of oil that could be returned to the market and the timing of the boost are still under discussion, Novak said in an interview earlier on Thursday.

Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices.

The IEA meanwhile revised upwards its estimate for 2018 non-OPEC growth to 2 mb/d, and to 1.7 mb/d in 2019.

The U.S. move has pressured European and Asian clients to stop importing Iranian oil or doing business with the country.

"At OPEC's meeting in a good week's time, Saudi Arabia apparently plans to make several proposals that all boil down to increasing production on a one-off or gradual basis by between 500,000 and 1 million barrels per day", Commerzbank analysts said in a note. Domestically, more crude was burned in Saudi power plants during the month, partly due to higher air-conditioning use. Trump tweeted on April 20. The cartel is meeting next week, where it will consider pulling back from the deal.

OPEC is a group of 14 nations that seeks to coordinate oil production and greatly influence oil prices. "The real catalyst for the recent rise in prices is the sanctions on Iran".

United States President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries (Opec) of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

The Kingdom's production was up 100,000 barrels per day (bpd) to 10.02 million barrels.

Trump sent his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell.

Democrats are trying to blame Trump for higher gasoline prices, sensing the issue will resonate with voters in the November midterm elections that will determine control of the House and Senate. Past presidents have not supported similar bills when they have been proposed.

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