Wednesday, 12 December, 2018

Trump, Iran trade sharp words over oil prices ahead of OPEC meeting

Crude Oil Crude Oil
Orlando Vargas | 13 June, 2018, 23:15

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.

United States President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries (Opec) of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again".

Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the USA president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month.

Barely recovered from the roller coaster ride of recent weeks, traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.

Oil prices are set, for the most part, by Saudi Arabia and, to a lesser extent, it's OPEC partners. They plan to discuss oil, amongst other things.

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"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the USA and European oil futures contracts. Its main concerns are higher oil prices and trade disruptions. "Not good!" Trump wrote in a post on Twitter on Wednesday after last raising the issue in April.

His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017.

Oil prices turned positive on Wednesday after a bigger-than-expected decline in USA crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer.

Oil prices across the country have crept up toward $3 a gallon as the U.S. hits its peak summer travel season - still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession, according to Reuters.

Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70.

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