Trump again accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher on Wednesday, and urged US allies such as Saudi Arabia to pump more if they wanted Washington to continue protecting them against their top foe Iran.
Iran's OPEC governor, Hossein Kazempour Ardebili, claimed Thursday that Trump's tweets were putting upward pressure on prices. "Pls stop it, otherwise it will go even higher!"
Brent crude futures lost 85 cents to settle at $77.39 a barrel.
The cartel agreed in...
President Donald Trump used Twitter on Wednesday (July 4) to express his frustration with high U.S.
"You are hammering on good guys in OPEC". His latest was a reminder that the USA defends many OPEC members for "very little" money.
Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon. "We expect you to be more polite".
"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"
A blockade of the strait, through which roughly 30 percent of all seaborne oil travels, would have "dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures", Commerzbank said in a note.
The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil.
The rise in benchmark USA crude prices from a low of less than $30 a barrel in February 2016 to more than $70 in July 2018 has boosted the economies of Texas, Oklahoma, North Dakota and other producing states.
OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.
The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the US pressure, no other regional country will be allowed to.