Economy

Trump Declares Oil Prices 'Too High,' Blames OPEC

Trump Declares Oil Prices 'Too High,' Blames OPEC

President Donald Trump on Wednesday tweeted about oil prices, stating "Oil prices are too high, OPEC is at it again". "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two".

Crude has more than doubled since bottoming out below $30 a barrel in early 2016, causing USA motorists to face the highest gasoline prices since late 2014. On a weekly basis, the U.S.is already producing at a record-high.

"The demand metrics here are wonderful for crude oil and gasoline", said John Kilduff, a partner at Again Capital in NY.

Analysts polled by S&P Platts expect the EIA to report a 2.6 million barrel drop in crude supplies and a 200,000 barrel increase in gasoline supplies. "It seems like we need nearly every barrel of that to keep up with this refining demand".

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With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from all three top producers are increasing.

The recent spike in oil should ease in the near term, according to the International Energy Agency's (IEA) latest monthly report, but there could be a large supply gap late next year if the Organization of Petroleum Exporting Countries (OPEC), year as oil demand will grow steadily thanks to a solid global economy. A gallon of regular gasoline is now $2.91, up 25 percent from the year-ago level.

Iran's OPEC governor later told Reuters "You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", referring to itself and Venezuela.

"Saudi Arabia and Russian Federation have already started to lift production", he said. Moscow's pledge in the deal is to shave off 300,000 bpd from the October 2016 level, which was the country's highest monthly production in nearly 30 years-11.247 million bpd.

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"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.

The IEA meanwhile warned that whatever the outcome of the meeting, "the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption".

Fund manager Pierre Andurand at Andurand Capital is bullish.

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.

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