Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
23 September, 2018, 12:13
With crude oil prices steadily climbing to $80 a barrel, President Trump on Thursday again slammed OPEC - tweeting that prices keep rising even as the U.S. spends billions to safeguard oil-producing Mideast countries.
He added, "the bigger risk is the global economy doesn't look healthy outside of the U.S.I think we could have a long sideways period in the market now, as the rest of the world drags us down"; in short, slower economic grow means less demand for oil and therefore lower prices.
Trump has urged Saudi Arabia to increase oil production in recent months to combat higher oil prices brought about by his own sanctions on Iran.
The U.S. president is keen to ensure there is no impact on domestic fuel prices ahead of the midterm elections, Financial Times reported.
Because of these concerns, the global benchmark, the Brent crude futures were up by 2 cents to trade at $79.05 per barrel after having gained 1.3% the day before.
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Brent crude for November delivery was down 3 cents at $78.67 a barrel by 7.37am. Gasoline inventories fell by more than 1.7M barrels last week. The cuts had their intended effect, and in June of this year Saudi Arabia and Russian Federation made a decision to change course and boost supply to stem a price rally.
Prices have traded mostly below $80 over the past few months on fears trade tensions between the USA and China could damp global demand.
The weekend gathering will discuss how to share the previously agreed output increase and examine whether the market needs more oil to offset the loss of Iranian supply as well as a decline in Venezuelan output, the sources said.
Though Saudi Arabia has never tested such high levels, it has said it pumped 10.7-10.8 million bpd in the past.
The OPEC slam sent oil prices down slightly, however prices have enjoyed a robust rally this year as production wanes. At first it seemed to work - the price slump worsened and put vast financial pressure on OPEC, but also triggered a collapse in US drilling and forced producers to close the taps. US oil inventories are about 3 percent below the 5-year average for this time of year.
Petrol consumption usually picks up in the summer and wanes in autumn, but demand remained strong in the latest week, estimated at 9.5 million barrels per day.
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Till now, the 28-country bloc has not put forward a compact proposal for making payments to Iran for buying of oil. The sources said India has selected UCO Bank and IDBI Bank for facilitating payment to Iran.
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