Oil prices slip as Donald Trump calls on OPEC to lower prices

Oil prices slip as Donald Trump calls on OPEC to lower prices

Oil prices slip as Donald Trump calls on OPEC to lower prices

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 USA spends billions to safeguard oil-producing Mideast countries.

In a tweet on Thursday, Trump blasted OPEC for continuing to "push for higher and higher oil prices".

U.S. crude futures were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week.

The rise in crude oil prices this quarter could contribute to increases in cash from operations and capital expenditures, said the EIA in its review, which included Big Oil, Rosneft, and Sinopec, and many smaller companies and USA companies focused on shale production.

Zanganeh alluded to the decision of the Organization of Petroleum Exporting Countries (OPEC) and big non-affiliated producers, to reduce extraction in order to improve fuel prices in the world market.

Zanganeh said that the agreement reached in 2016 between OPEC member states and non-OPEC allied producers, mainly Russian Federation, to cut crude output "is in tatters". In August, Saudi oil exports into the United States reached a four-week average of 1 million barrels a day for the first time since late 2017, increasing by 250,000 barrels a day since late May.

The rebound gained steam earlier this year after production problems in countries like Venezuela and Libya caused the group to cut more deeply than they intended.

Global benchmark Brent has been trading just below $80 a barrel, near its highest in nearly four years, on expectations that US sanctions against Iran, OPEC's third biggest producer, will reduce global supply. Brent crude futures were increased by 59 Cents at $79.65 a barrel and temporarily broke above $80.

He said, "They're not huge threats.markets all around the world are going down, and US markets are going up".

The market's expectation was a draw of 2.7 million barrels in crude oil inventories. Gordon Gray-HSBC's global head of oil and gas equity research-says that oil market assets are progressively more supportive for crude prices, at least presently.

"Midterm elections are coming up and high oil prices are bad PR for the party heading into the election", said Cook. However, that war is not having an impact on crude oil.

The comments come just ahead of this weekend's meeting of a committee monitoring the supply pact between OPEC, Russia and some other non-OPEC producers. "It is humble enough to know it can't dictate the price of oil".

Opec and oil producers outside the group, including Russian Federation, will meet on Sunday to revise oil production quotas.

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