Oil edges up to $65 as OPEC seen rebuffing Trump pressure

02 March, 2019, 14:45 | Author: Mary Valdez
  • Trump Warns Saudi Arabia: ‘Relax And Take It Easy’ With Oil Price Hikes

President Trump has repeatedly tweeted about OPEC and oil prices, complaining about higher prices.

US crude oil production has hit a record +12M bpd, an increase of more than +2M bpd since early 2018. Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.

Earlier this month, a House committee approved the "No Oil Producing and Exporting Cartels Act of 2019", or NOPEC, and a version of the bill also has been proposed in the Senate.

This changing dynamics leads to the second issue that Nigeria must take seriously-the OPEC crude cut deal.

Oil prices may appear to be poised for a decline following tweets by US President Donald Trump to lower them, but Goldman Sachs predicts a rally, that may raise crude fare to $75 a barrel.

The risk to Opec comes in the form of the so-called No Oil Producing and Exporting Cartels Act, or Nopec, an act resurrected by United States lawmakers that proposes making the organization subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller.

Brent for April settlement rose 45 cents to end the session at $65.21 a barrel on the London-based ICE Futures Europe exchange. Bloomberg estimated OPEC's compliance at 86 percent in January.

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Yesterday morning President Trump announced that he was delaying the tariff increases on $200 billion worth of Chinese goods to 25% from 10% reflecting "substantial progress" in the ongoing trade talks between the United States and China. The move contributed to the pullback in prices. Exports hit a record 3.6 million bpd this month.

"When you read into the implication of [Trump's tweet], it's twofold".

Despite this signs the oil market is tightening, there are signs that point to a more amply supplied market heading further into 2019. "We will remember. The OPEC monopoly must get prices down now!"

OPEC members and non-OPEC producers such as Russian Federation are leading efforts to re-balance the market and support oil prices.

Unfortunately, the second largest importer of Nigeria's crude in 2017 was the U.S., with over 94 million barrels of oil sold to the North American country. -China trade dispute have also weighed on the market.

Despite the chorus growing among OPEC countries to increase the oil prices - to boost their earnings - the group's kingpin Saudi Arabia in a delicate position.

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