Trump says gas prices are up, OPEC 'doing little to help'

Trump says gas prices are up, OPEC 'doing little to help'

The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasising his great personal relationship with the Saudi king and crown prince.

In April, Iran's oil minister Bijan Zangeneh said that $60 a barrel is a good price for oil. On Tuesday, prices breached $75 for the first time since 2014. Trump, meanwhile, clearly thinks they should be stabilised at a significantly lower level.

Trump claims Saudi Arabia agreed to oil production hike, Riyadh doesn't confirm Donald Trump has asked Saudi Arabia to drastically increase its oil production, citing "turmoil and dysfunction" in Iran and Venezuela.

"If anything, they are driving prices higher as the U".

"The more that Saudi Arabia adds to the market, the less of a supply cushion we have - that's a bullish twist to a bearish development", said Yawger at Mizuho. Data released Thursday by the US Department of Energy showed stockpiles unexpectedly higher: up by 1.25 million barrels in the week to June 29 rather than the 3.54 million fall expected by analysts. The president said the US defends many OPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands.

Refineries purchase oil on the futures market for production, and what they pay influences what gasoline distributors pay and what retail gas stations charge consumers. On Wednesday, he accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.




Iran exported more than 2.4 million barrels a day in May, according to the IEA. But oil experts say that OPEC is already close to its maximum capacity. You impose sanctions on major producers, founders of OPEC.

USA crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday's 3-1/2-year high of over $75.

But most of those states are solidly Republican and likely to vote Trump's party at the mid-term congressional elections in 2018. "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. After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon. The U.S. average for a gallon of regular unleaded was $2.86 as of Thursday, with Louisiana below that rate at almost $2.58, according to the American Automobile Association. Most is used by private motorists, though some is bought by businesses, governments, the postal service and the armed services. The Tradefair team brings you the latest from United States politics.

USA light crude settled up 20 cents at US$74.14 a barrel, rebounding from a session low of US$72.73 a barrel. But International Energy Agency figures and Saudi Arabian officials have indicated that there isn't enough spare capacity to offset a complete cutoff of Iranian oil sales.

Meanwhile, the market continued to watch rising USA crude output, with this week's oil drilling rig count data, an indicator of future production, due at 1 p.m.

The price went up when OPEC chose to cut production past year. "Pls stop it, otherwise it will go even higher!" ("Distribution effects of the conference agreement for HR 1", JCT, Dec. 18, 2017).

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