Economy

'Please stop' tweeting about oil, Iran tells Trump

'Please stop' tweeting about oil, Iran tells Trump

Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall. S. defends many of their members for very little dollars.

Saudi Arabia cut pricing for most of its oil grades as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. President Donald Trump's demands that OPEC do more to stabilize oil markets.

Hossein Kzempour Ardebili said in the wake of Trump's latest criticism of OPEC that the president's tweets "have driven the prices up by at least $10 per barrel".

"You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?" he was quoted by SHANA, the Iranian oil ministry's news website as saying. It went down when USA shale producers started pumping more, taking advantage of the higher price.

"Political issues should not interfere in the crude market, and supply and demand should determine the final oil price", Bijan Namdar Zanganeh said, Press TV reported on Saturday. Moreover, Obama was able to do this without increasing oil prices because a surge in US shale oil drilling more than offset lost Iranian exports. The outage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for USA crude versus Brent crude over the past month.

Even if the US government grants some waivers to allies, FGE estimated 1.7 to 2 million bpd of crude and condensate would be cut out of markets once its sanctions are implemented.

USA crude futures were up 32 cents at 74.46 dollars.

"It will increases the prices of oil in the global markets; at the end it is the American consumer who will pay the price for Mr. Trump's policy". Crude stockpiles at oil storage facilities in Cushing have dropped after an outage at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta.

Chinese stocks fell sharply on Tuesday, with equity markets in Asia near nine-month lows as investors fear the Sino-U.S. trade row could derail a rare period of synchronized global growth.

"Another major consideration is the extent to which USA shale production will respond to higher prices".

Ardebili said Iran is also on the "two-way street" as a member of OPEC.

At the time, Trump tweeted that he spoke with Saudi Arabia's King Salman to ramp up oil production to lower prices.

Trump has repeatedly called on the oil cartel to reduce prices.

Taking time out from US Independence Day celebrations, Trump sent a strongly worded message to the heads of the Organisation of the Petroleum Exporting Countries (OPEC) in a tweet.

Brent crude futures were at $77.68 per barrel at 0532 GMT, down 56 cents, or 0.7%, from their last close.


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