Trump to OPEC: ‘Reduce pricing now!’

Trump to OPEC: ‘Reduce pricing now!’

A senior Iranian official has asked US President Donald Trump to refrain from tweeting about oil as he believes the tweets are driving up the price of the commodity. Crude was already down for the day affected by a warning from US President Trump to OPEC countries to reduce prices. "If anything, they are driving prices higher as the United States defends many of their members for very little $'s".

"The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors - in Iran, Libya, and Venezuela - potentially destabilizing global supply and high crude exports from the U.S.", AAA said in a statement.

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

On Independence Day, Trump resumed his Twitter assault on OPEC and high oil prices.

President Trump has never been shy about tweeting on global affairs, often putting his foot in his mouth. -Chinese trade war and increased production by Saudi Arabia and Russian Federation outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran.

"If Trump continues to believe that OPEC are not doing enough, we would not rule out an SPR (Strategic Petroleum Reserve) release from the USA, or possibly even export restrictions on petroleum products", ING said in a note.

Trump names Indian-American to key role in appointment of SC justice
A senior White House official said that Trump did not conduct any interviews with potential Supreme Court picks over the weekend. Walker said that if it comes down to the vice president casting a tie-breaking vote, he thinks it could tear the country apart.

Brent crude was up 46 cents at US$77.76 a barrel, after trading as low as US$76.67 and as high as US$78.85. 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. US production remained steady at 10.9 million bpd for a third week in a row.

Even so, renewed USA sanctions on Iran against its oil exports look set to tighten supply further.

USA budget analysts generally look at the impact of tax changes over a ten-year period ("Estimated budget effects of the conference agreement for HR 1", Joint Committee on Taxation, Dec. 18, 2017). That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.

China says it will retaliate, and U.S. President Trump said on Thursday he may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods. For many households, the gains from cuts passed a year ago have been offset by the rise in oil prices since 2016.

An oil pump jack is seen at sunset near Midland, Texas, U.S., May 3, 2017. Suggesting that OPEC countries should produce more crude oil to increase supply and lower prices if they want to keep America's strategic partnership, he said: "This must be a two-way street".

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