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Donald Trump reignites Opec spat over 'too high' oil prices

30 June, 2018, 21:47 | Author: Lawrence Cooper
  • Gold daily chart triangle on the verge of breaking

The British investment bank expects OPEC crude supplies, excluding Venezuela and Iran, to increase by 700,000 to 800,000 barrels per day.

"Oil prices are too high, OPEC is at it again. Not good!" Trump wrote in his post on Twitter after last raising the issue in April. "Oil prices are artificially Very High!"

US ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies.

"The deluge of USA crude production continues to hold the top-side in check", said Stephen Innes, head of trading at futures brokerage OANDA.

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline.

US President Donald Trump renewed his attack on OPEC on Wednesday, and the International Energy Agency said the world may face a supply gap by late 2019 if OPEC can not cover any shortfalls.

Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the USA president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month.

Trump sent out his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore and it was not immediately clear what prompted his comment.

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Saudi Arabia and Russian Federation have said it's time to reverse the cuts and appear to have begun reviving supplies, but face opposition from Iran, Iraq and Venezuela.

Brent crude futures, the worldwide benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close.

Those against an increase this time are concerned it would threaten the unity of the 24-nation alliance involved in the deal and say forecasts from OPEC and others calling for higher demand in the second half of 2018 are too optimistic.

Rising U.S. stocks partly reflect a surge in U.S. crude production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

The International Energy Agency warned that economic turmoil in Venezuela and renewed sanctions on Iran will likely remove 1.5 million barrels per day from the market by the end of 2019.

Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration.

Rolling back most but not all of their output cuts within three months.

However, it cautioned that there are possible downside risks to the demand outlook, including "the possibility of higher prices, a weakening of economic confidence, trade protectionism and a potential further strengthening of the US dollar". Given the backing of the two largest producers participating in the accord, an output increase " looks inevitable" Citigroup analysts led by Ed Morse said in a report on Tuesday.

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