Trump slams OPEC on Twitter over gas prices

Donald Trump

Iran's representative to OPEC called on US President Donald Trump to "please stop" tweeting about oil, adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars". Some members should remember that the United States is defending them for little reciprocal benefits, he added. This must be a two way street.

After it had actually taken its decision last month to raise its output by 1m barrel a day effectively from the beginning of this month after conflict between its members who reached more than 100% compliance of the cut deal between OPEC and non-OPEC countries on drop of the production from Venezuela.

Rising gasoline prices in the United States could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the USA economy, Reuters wrote in its report.

An Iranian oil official said the USA president should stop tweeting about oil because Mr. Trump is making the situation worse, according to Bloomberg News.

Trump in an earlier tweet and in an interview on Fox News last Sunday said he wanted oil exporters to provide an additional 2 million barrels a day of production. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat. A figure of 32 million barrels per day is agreed, but the real increase will not be the optical one million barrels per day, but rather the aforementioned 650,000 one.

West Texas Intermediate crude oil is trading for US$73.09 per barrel.

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.

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The White House said Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud agreed to raise output after the Trump administration ordered all countries to stop buying oil from the Islamic Republic by November or face USA sanctions, as part of Trump's withdrawal from the Iran nuclear deal.

Brent crude futures lost 85 cents to settle at $77.39 a barrel. The oil boss also accused Trump of fomenting tensions in the Middle East, specifically by pitting Iran against Saudi Arabia.

Antoine Halff, formerly a chief oil market analyst at the International Energy Agency and now senior fellow at Columbia University, said that Trump made three errors in his tweet: OPEC can influence market prices but is not a monopoly. Oil output cuts by Opec and allies, including Russian Federation, since January 2017 have reduced a glut of crude.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile U.S. action.

Consultants Kpler estimated the kingdom's oil exports rose by 407,000 bpd in June to 7.62 million bpd compared with May. Oil prices will not collapse and they will sell more oil.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

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