Monday, 25 June, 2018


Trump declares oil prices 'too high', blames Opec

Conrad Doyle | 14 June, 2018, 09:54

"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group.

President Trump complained Wednesday that oil prices are too high and blamed the spike on OPEC, the group of 14 nations that controls a major portion of the world's supply of crude petroleum. "Not good!", the president tweeted on Wednesday morning.

OPEC itself spotlighted USA output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said on Wednesday.

Earlier in the session, Brent and US crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts.

Non-Opec growth for 2019 also includes a modest increase from Russian Federation "reflecting a possible contribution to compensating for lost production from Iran and Venezuela", analysts said. Russia, the leading country outside OPEC that's part of the current agreement, is also pushing for higher production.

Still, U.S. output is now above that of top exporter Saudi Arabia, which currently churns out slightly above 10 million bpd.

U.S. oil production has more than doubled in the past decade, including a 19 percent increase since OPEC's limits took effect in January 2017, according to the U.S. Energy Information Administration. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

Russian Federation and Saudi Arabia are set to open the football world cup, which kicks off in Russian Federation on Thursday.

Oil prices have risen about 60 percent since past year after the Organization of Petroleum Exporting Countries and other oil producers, including Russian Federation, began reducing output to cut excess supply, Reuters reported.

"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May. "Procuring oil at the cheapest price is vital for the two energy hungry Asian consumers". On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices. "Looks like OPEC is at it again", he tweeted. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! Trump tweeted in April. "At current prices US oil producers are still losing money. Maybe they are actually way too low".

With assistance from Michael Roschnotti. Off-topic, inappropriate or insulting comments will be removed.

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