Donald Trump: OPEC is "doing little to help" with gas prices

Iran's OPEC governor Hossein Kazempour Ardebili

Iran's OPEC governor Hossein Kazempour Ardebili

USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014. Prices have also increased due to the persisting US-backed troubles in Venezuela, as well as with the unrest in Libya over control of that country's oil infrastructure.

"You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?" "But there is no conviction about the next direction for prices yet".

West Texas Intermediate crude for August delivery fell 97 cents to US$73.17 (RM295) a barrel at 11.05am on the New York Mercantile Exchange.

Oil fell on Thursday after US government data showed an unexpected build in crude oil stockpiles.

Brent crude declined from its $115 per barrel peak in June 2014 to below $30 in January 2016 before recovering to its current price of around $78.

"Over the course of last week, downside risk to future Iranian oil supply has increased rapidly", Martijn Rats, global oil strategist and head of the bank's European oil and gas equity research, told CNBC. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran. Traders were looking for a draw of about 3.267 million barrels. On Wednesday, he tweeted that OPEC is "doing little to help", adding that, "if anything, they are driving prices higher". This must be a two way street.

Iran's representative to OPEC says U.S. President Donald Trump should stop tweeting about wanting lower oil prices, saying that doing so has the opposite effect.

"As far as the geopolitical posturing via twitter or official statements, I think the market is taking them in stride for now", Tchilinguirian said.

If that happens - the Iranians are vowing to stop all oil exports from the Gulf, including from the number one supplier Saudi Arabia. Saudi Arabian Oil Co. will change its Asia crude pricing benchmark by replacing Platts' Oman assessment with the Dubai Mercantile Exchange's Oman futures from October 1.

Last month, Saudi Arabia and Russian Federation agreed to increase production and the USA continues to produce at record levels, however, unless there is a drop in demand, it appears we are headed toward a supply deficit later this year.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in US gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour said.

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