Trump To OPEC: 'Reduce Pricing Now!'

Trump To OPEC: 'Reduce Pricing Now!'

The growing USA pressure on the world to totally stop buying Iranian oil has produced a warning from top Iranian officials that the world economy, and America's economy in particular, would pay a severe price from such a ban.

The United States will counter the influence of Iran, Saudi Arabia's major regional rival, by imposing tough sanctions.

Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment.

In a Twitter tirade yesterday, Mr Trump urged the Organisation of the Petroleum Exporting Countries (OPEC) to stop manipulating oil prices. This must be a two-way street.

Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil". And yet, you are asking them to reduce the prices?! High fuel prices drain money from consumers' pockets, hurting economic growth while adding to inflation.

In the previous sanctions on Iran between 2012 and early 2016, when Europe also imposed sanctions alongside the U.S.to punish Iran for its nuclear program, Tehran resorted to barter and was offering gold bullions in vaults overseas or crude oil in exchange for food. Prices to (sic) high!




The price of gasoline is a hardy perennial in presidential campaigns. "Every president before Trump has done it and it tends to happen in an election year".

The average cost of gasoline has risen nearly 60 percent from a cyclical low of $1.87 a gallon in February 2016 to $2.97 last month.

U.S. crude stockpiles rose 1.3 million barrels last week, according to U.S. Energy Information Administration data.

A Reuters survey estimated us crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29. Few thought it would be 1 million bpd or more.

By comparison, the rise in oil prices since the start of 2016 is the equivalent of a tax increase of nearly $1.6 trillion over the next decade. "Pls stop it, otherwise it will go even higher!"

"OPEC has not defined oil prices for the past 30 years", Kazempour continued. Rising gasoline prices 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.

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