Tuesday, 19 June, 2018

Trump accuses OPEC of raising oil prices

Russell Knight | 13 June, 2018, 19:53

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Oil prices edged higher on Wednesday, turning positive after USA government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks.

Russian presidential spokesman Dmitry Peskov said the deal won't be abandoned, though.

"World oil demand in 2018 is forecast to grow by 1.65 mb/d, broadly unchanged from the previous month's assessment, to stand at 98.85 mb/d", OPEC said. A mix of new US sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market. "The withdrawal from OPEC + will not be discussed", he said, confirming that Putin's meeting with the crown prince of Saudi Arabia will be held on Thursday. Russia, the leading country outside OPEC that's part of the current agreement, is also pushing for higher production.

USA crude stocks fell more than expected last week, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

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The president has been vocal about his dissatisfaction with oil prices in the past. Prices have risen around 60 per cent over the previous year.

"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May.

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC. "Not good!" he wrote on Twitter. "Looks like OPEC is at it again", he tweeted. With record amounts of Oil all over the place, including the fully loaded ships at sea.

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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