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

Donald Trump

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump tweeted. Though it's unclear if the kingdom will end up pumping up to an extra two million barrels of oil per day, as Trump is demanding.

It's not surprising, then, that Trump is upping the pressure on OPEC.

Analysis from Swiss investment bank UBS said spare capacity, the amount of extra oil a producer could put on the market in short order, was approachinga 10-year low.

On Monday, Trump took another swipe at OPEC, accusing the oil organization of not helping the United States to reduce domestic gasoline prices.

Oil prices edged up on Wednesday, lifted by a report of declining USA fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States. Not only does he want to appear to be doing something to help them. Your tweets have driven the prices up by at least $10 per barrel.

However, the U.S. has renegade on this agreement, with Donald Trump calling it "the worst deal ever". "Prices will rise as a result", Commerzbank concluded.

Hossein Kazempour Ardebili was quoted by the oil ministry's website Thursday.

An Iranian oil official said the USA president should stop tweeting about oil because Mr. Trump is making the situation worse, according to Bloomberg News.

Historically that has been the case, and with Saudi production already at record levels, Trump's expectation that the Saudis will make up for Iran's shortfalls are not realistic. It has made similar threats in the past, prior to the 2015 nuclear deal.

The June 22 output increase was ostensibly justified as a means to bring compliance levels back to 100 percent of the original 1.8 million b/d production adjustment-a necessary move to guarantee market stability in light of shrinking global inventories, an improving global economy, and growing demand.

Russia's budget has received more than US$63.5 billion in additional revenues thanks to the production cut deal between OPEC and non-OPEC nations that boosted oil prices.

Summer driving is having its typical effect on gas demand, which in turns increases the price at the pump.

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According to AAA, the current national average pump price per gallon of regular gasoline is $2.866, up almost two cents from $2.848 a week ago and down more than seven cents per gallon compared with the month-ago price. "And today, oil price per gallon reached 3$".

Others mocked his obvious contradiction in the last two tweets he posted on OPEC and oil prices.

Brent crude futures lost 85 cents to settle at $77.39 a barrel.

USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014.

"However with plenty of uncertainty over Iranian supply, and the Syncrude outage in Canada, the market is likely to remain fairly well supported in the near term". "You are fighting with everybody, Sir, since you came to office", Ardebili said.

Trump might have good reason to worry about gasoline prices being used against him and his fellow Republicans. In December, the average price was just under $65. What are the forces behind this increase in oil price?

Unlike the situations with other presidents, however, Trump is directly linked to the current increases because of his push to block purchases of Iranian oil.

The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the USA pressure, no other regional country will be allowed to.

In the global context, however, United States gas is already incredibly cheap.

Depending on its size and timing, an oil sale might leave the market unmoved, or have a real, if fleeting, impact on prices.

Output cuts by OPEC and allies since January 2017 have reduced a crude glut.

Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the USA".

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