Trump renews attack on OPEC ahead of group's production meeting
Trump renews attack on OPEC ahead of group's production meeting
13 June, 2018, 19:52
Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70.
A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.
President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum. The cartel is meeting next week, where it will consider pulling back from the deal.
Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.
Futures in NY dropped as much as 1.3 percent after Russian Federation, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so. The U.S. has lobbied Saudi Arabia and other members, arguing they need to raise output by 1 million barrels a day to keep prices in check, people told Bloomberg News earlier this month. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.
OPEC's crude oil production increased by 35,400 bpd from April, to 31.869 million bpd in May, as Saudi Arabia, Algeria, and Iraq boosted production that was partially offset by lower production in Nigeria, Venezuela, and Libya.
However, it is unclear whether other nations will commit to raising production.
With output in Russian Federation rising back above 11 million bpd.in June and Saudi production climbing to more than 10 million bpd., supplies from all three top producers are increasing.
Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above US$150 a barrel in less than two years. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.
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