Trump slams OPEC urging oil cartel to "get prices down now"

Trump slams OPEC urging oil cartel to

Trump said: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices".

The current price action confirms the notion that the crude oil market is "fragile" and highly sensitive to the upside on any news that even hints at lower supply.

Varga further expanded by saying that the current trade war between the United States and other countries should have impacted the price of oil.

Trump is right to point to OPEC as a cause.

Zanganeh said that the agreement reached in 2016 between OPEC member states and non-OPEC allied producers, mainly Russian Federation, to cut crude output "is in tatters".

Meanwhile, EIA reported that the estimated weekly US crude oil production went up 100,000 to 11 million barrels per day during last week.

Still, many analysts insist that Trump's demands and OPEC's efforts notwithstanding, crude breaching the $80 threshold is certain: Bjarne Schieldrop, chief commodities analyst at SEB Markets, said, "Brent is definitely fighting the $80 line, wanting to break above, but this is likely going to break very soon". Helped by hydraulic fracturing and horizontal drilling, production began increasing before a large drop in prices in mid-2014 forced producers to scale back. Crude is now trading at $71 a barrel.

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As usual, the focus will be on Saudi energy minister Khalid al-Falih, who has talked of OPEC becoming more like a central bank for oil. Trump tweeted in his latest rant against the cartel. Yet OPEC is considered an worldwide cartel, not a true monopoly, because it does not have exclusive control of oil. The EIA said the United States likely now leads the world in crude oil production, moving past Saudi Arabia and Russian Federation.

If confirmed, it would mark the first time since 1973 that the U.S. has topped world rankings.

In any case, it's clear the oil market has caught Trump in an awkward spot between his pro-business instincts and his populist tendencies. It's unclear, however, whether the Saudis discussed prices with Russian and American officials.

In the previous week ending September 7, EIA reported a draw of 5.3 million barrels in the US crude oil inventories.

The market's expectation was a draw of 2.7 million barrels in crude oil inventories. Over the past four weeks, refinery inputs averaged 17.62 million barrels per day which was 14.7 percent higher than the same four-week period of a year ago. Pain at the pump threatens to wipe out some of the benefits from the Republican tax cuts. They also don't want oil prices to fall too much'.

Trump's tweet comes about two months after a similar tweet in July, in which he also called OPEC a monopoly and tacitly threatened to withdraw United States support.

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