Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
23 September, 2018, 18:58
LONDON, Sept 20 (Reuters) - Oil prices slipped on Thursday after U.S. President Donald Trump called on OPEC to "get prices down now!" ahead of a meeting of major oil exporters in Algeria this weekend.
The president also suggested it was unfair that OPEC raises prices when, "We protect the countries of the Middle East, they would not be safe for very long without us". This comes after the June 22 agreement between the OPEC (Organization of the Petroleum Exporting Countries) and Russian Federation for increasing the production and reducing the prices.
It seems the damage from the Iran sanctions is underpinning the market, encouraging speculators to buy on the dips, while fresh supply news like weekly API and EIA reports is providing the firepower for weekly price spikes.
Reuters reported on September 5 that Saudi Arabia wanted oil to stay between $70 and $80 to keep a balance between maximising revenue and keeping a lid on prices until US congressional elections.
The November Brent crude futures contract rose as much as 1 percent to almost United States dollars 80 a barrel after a media report cited unnamed sources as saying Saudi Arabia was "comfortable" with the price at that level.
According to, oil prices reached over $70 a barrel on Wednesday, showing an increase of 8 percent in just the last month.
Last year, Iran exported a monthly average of 2.5 mb per day, including 2.1 mb/d of crude oil and 400,000 b/d of gas condensate.
Crude inventories fell 2.1 million barrels to 394.1 million barrels, the lowest since February 2015, EIA data showed.
It will be their last meeting before the United States midterm elections next month.
He said, "They're not huge threats.markets all around the world are going down, and US markets are going up".
US crude oil imports averaged 8.02 million barrels per day last week, 433,000 barrels per day higher than the levels of the previous week.
In fact, just last week Trump's own Energy Department announced that the United States surpassed Russian Federation and OPEC leader Saudi Arabia in oil production. Gasoline inventories fell by more than 1.7M barrels last week.
USA sanctions on Iran's oil exports come into force on 4 November and many buyers have already scaled back Iranian purchases.
The oil price dropped after the tweet.
Oil prices have been climbing sharply since OPEC agreed to a historic deal to curb production in late 2016.
In staying away from the meeting, Zanganeh could complicate plans by OPEC to institutionalize its partnership with Russian Federation and the other non-OPEC participants in its supply accord.
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