Friday, 16 November, 2018

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

The White House has backed off a tweet from President Donald Trump indicating he had convinced the king of Saudi Arabia to produce an extra two million barrels of oil per day Iran to allow private sector to export oil, beat US sanctions
Laurie Berry | 05 July, 2018, 16:14

Most likely, the Saudis will opt for allowing prices to go higher rather than using up most of their spare capacity.

Iran's OPEC governor, Hossein Kazempour Ardebili, accused the U.S. and Saudi Arabia of trying to push up oil prices and said both countries are acting against the foundation of OPEC.

Trump has been complaining about OPEC at the same time that Washington is piling pressure on its European allies to stop buying Iranian oil. On the other, tightening supplies caused by unexpected disruptions from Libya to Venezuela give the Saudis a flawless excuse to price higher and maximize profit.

Reid said that he expected oil to stay around its current price, with a possible increase to $80 a barrel.

The Wall Street Journal in turn cited a high-ranking Saudi official as saying that Riyadh made no concrete promises to Trump but assured him of its ability to satisfy the market's demands.

Matthew Smith, the director of commodity research at ClipperData, told UPI that oil prices so far this week are moving on one hand on OPEC pledges of more production, but correcting later on fears of supply-side strains.

Oddly, oil prices did not spike at the start of trading on Monday, which suggests oil traders clearly didn't entirely dismiss President Trump's bold claim that OPEC would add 2 mb/d. Bringing all those barrels to market could take up to a year, and render OPEC agreements irrelevant.

Tory Brexiteer's Message To Remainers Turning On Jacob Rees-Mogg
The intervention from the head of the European Research Group of pro-Brexit backbench Tories drew a furious backlash. On Monday, May called on European Union leaders to show flexibility and look "seriously" at the UK's Brexit plans.

Trump on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market. "Your tweets have driven the prices up by at least $10 per barrel", he added.

Second, the worldwide oil market-now trading just below $80 per barrel-has tightened considerably in the past year, and could reach new heights in coming months.

Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived.

Trump said the agreement was reached after a phone call with the Saudi King about oil production but mentioned no specifics.

The leader of Saudi Arabia promised U.S. President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday. "He has agreed!" - he tweeted. That was after Saudi Energy Minister Khalid al-Falih said the kingdom would honor the OPEC decision to stick to a 1-million-barrel increase. "They seek to push Iranian exports of crude, condensate, and oil products to zero", energy consultancy FGE said in a note.

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