Iran's OPEC Boss: Trump's Tweets Have Added $10 to Oil Prices

06 July, 2018, 03:23 | Author: Mary Valdez
  • Saudi Arabia's Minister of Energy Industry and Mineral Resources Khalid Al Falih speaks during a press conference with his Russian counterpart Alexander Novak at the Ritz Carlton Hotel in the capital Riyadh on Feb. 14 2018

Prices have risen as a result of Washington's plans to reimpose sanctions against Iran, OPEC's No. 3 producer, analysts said.

A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on US crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit. You impose sanctions on major producers, founders of OPEC. But the tougher US approach now makes the bank's analysts think that Iran's exports to Europe, Japan, and South Korea-a total of 1 million bpd-would "fall to minimal levels". Iran, however, said it would be tough to erase its oil completely from the market by November, when US sanctions snap back into place. State Department official, noting that some key Iranian customers may be pressured into complying with American demands.

A fisherman rows his dinghy past oil refineries near port terminals in Singapore November 5, 2013.

Oil prices fell earlier today as Trump demanded that the OPEC cartel reduce crude prices.

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

From the perspective of the White House, the ideal price is not so low it causes problems for producing states but not so high it hurts consuming states.

But Tehran has threatened to take drastic action on the oil supply in retaliation against Trump's attempt to curb its exports.

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According to Gharekhani, Iran will only trade with countries that buy its oil.

Antoine Halff, formerly a chief oil market analyst at the International Energy Agency and now senior fellow at Columbia University, said that Trump made three errors in his tweet: OPEC can influence market prices but is not a monopoly.

General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. In North Africa, OPEC members include Algeria and Libya.

Trump wants Saudi Arabia to increase its oil production to offset any lost supply because of what is happening around Iran and the political chaos in Venezuela. The facility produced 253,000 bpd on average previous year.

And according to Hossein Kazempour Ardebili-the Islamic Republic of Iran's OPEC governor-some of the president's OPEC-bashing tweets will have the effect of increasing oil prices.

"Asking OPEC for oil is not so unusual".

"Also, taking a broad range of estimates from IEA, EIA and others, Saudi held spare capacity in the range of 1.3 - 2.1 mb/d when oil production was ~10 mb/d".

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