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Trump slams OPEC urging oil cartel to "get prices down now"

Trump slams OPEC urging oil cartel to

The report said that Saudi Arabia wants oil to stay between United States dollars 70 and USD 80 a barrel for now, as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until US congressional elections.

Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied.

But keeping Iranian barrels off the market tightens supply and puts upward pressure on prices, which creates political risks for Republicans, particularly before midterm elections.

"The OPEC monopoly must get prices down now!", Trump said.

But the meeting on Sunday is unlikely to be able to change production policy. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas.

"I think Saudi Arabia is comfortable with the prevailing price until its customers are not", said Matt Reed, vice president of Middle East consultancy Foreign Reports.

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President Donald Trump blasted OPEC in a tweet Thursday morning, saying the Middle East wouldn't be safe without USA military protection and yet, countries there continue to keep prices high.

Sent via Twitter for iPhone. Many OPEC delegates have, however, privately been unhappy about Trump's bombastic tweets making it hard to maintain cohesion within the group, as Iran and Venezuela have railed against capitulating to the president.

He also announced that the Persian nation will decline its attendance to an OPEC meeting scheduled for this weekend in Algiers, Algeria.

Among the countries capable of increasing production beyond current levels, Saudi Arabia and Russian Federation hold about three quarters of the spare capacity, according to Bloomberg calculations using data from the International Energy Agency. Russian Federation could boost its production by about 300,000 barrels a day above the October 2016 level within a year, Energy Minister Alexander Novak said last week. 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.

The sanctions are a result of Trump pulling out of the Iran nuclear deal and will essentially remove hundreds of thousands of barrels of oil from the market.

This high-level diplomacy between the world's three largest oil producers is what's really driving things, said Olivier Jakob, managing director of consultant Petromatrix GmbH. "Novak has done what he could do to help Perry, Al-Falih not yet".


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