Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

LONDON-Oil prices were mixed Thursday morning, as the US benchmark maintained a two-month high in the wake of a continued fall in crude stockpiles and Brent appeared to edge down in the wake of bearish comments from President Trump.

US President Donald Trump resumed his criticism of OPEC, saying the cartel "must get prices down now!"

The price of Brent was also buffeted after an early morning tweet Thursday from Mr. Trump criticizing the Organization of the Petroleum Exporting Countries for not doing enough to keep prices lower.

OPEC kingpin Saudi Arabia is anxious that any sanctions-related spike in oil prices will trigger fresh criticism from U.S. President Donald Trump but is concerned about a lack of spare oil capacity to offset shortages, the sources said.

Stephen Innes, head of trading for Asia-Pacific at OANDA in Singapore, said Trump's remarks just days before the OPEC meeting put "a focus on the likely supply impacts of US -led Iran sanctions".

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to USA sanctions.

Regarding Brent oil prices, Zanganeh stated that $80 per barrel would be a suitable price.


'It's also political because the Saudis don't want to pump too much oil then the Iranians complain to OPEC that it (Saudi Arabia) is taking (Iran's) market share.

Over the past year, refiners in the East Coast have been receiving as much USA crude oil from the Gulf Coast by tanker or barge as they have received from the Midwest by rail. This has helped lead to higher prices at the pump.

OPEC, Russia and some of their allies agreed in June to boost production by 1 million barrels per day, after agreeing to a supply-cutting deal since 2017.

OPEC sources say there is no immediate plan for any official action as such a move would require OPEC to hold what it calls an extraordinary meeting, which is not on the table. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

Fears over supply shortages have boosted crude prices in recent weeks, and global benchmark Brent was trading above $79 a barrel on Thursday.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming USA sanctions against Iran, which are set to take effect in November.

Inquiries to OPEC by FOX Business were not returned by the time of publication.

Related News:

  • Police respond to New York MASS shooting - five injured including child

    Police respond to New York MASS shooting - five injured including child

    He said police could not yet say how many shooters there were, or whether it was a drive-by shooting or not. Syracuse Police Chief Frank Fowler held a press conference at the scene of the shooting at around 11pm.
    Hannah Gadsby Just Won The Emmys With This Hilarious Skit

    Hannah Gadsby Just Won The Emmys With This Hilarious Skit

    That's why I'm presenting alone, ' Hannah Gadsby joked during her brief but much talked about appearance at the 2018 Emmy awards . Viewers delighted by Gadsby's 90-second presence on the stage and suggested she should be presenting the whole show.
    Former Malaysia PM Najib Razak faces 21 charges over missing $628m

    Former Malaysia PM Najib Razak faces 21 charges over missing $628m

    He also claimed trial to 21 charges under the Anti-Money Laundering Act and Anti-Terrorism Financing Act 2001 (Amlafta). But the latest charges are more significant and relate to a key episode in the 1MDB scandal .
  • Sarri claims ‘unlucky’ Morata needs confidence to get goals

    Sarri claims ‘unlucky’ Morata needs confidence to get goals

    The winger, who has scored three Premier League goals already this season, needed lengthy treatment at the Toumba Stadium. I am very happy with the three points, but not the result .
    E-cigarette warnings to arrive in high school bathrooms

    E-cigarette warnings to arrive in high school bathrooms

    Many had no idea that vaping products contain nicotine that can damage a teenager's developing brain and lead to addiction. An electronic cigarette is demonstrated in Chicago, on April 23, 2014. "Actual head is Deborah Arnott".

    Giant spider-web cloaks Greece coast

    A lagoon in western Greece is starting to look more like an abandoned home's basement than a picturesque shoreline. Fortunately, the spiders shouldn't cause any permanent damage to the area's plants.
  • The Political Junkie: Allegations Against Brett Kavanaugh, Declassified FBI Documents, And More

    The Political Junkie: Allegations Against Brett Kavanaugh, Declassified FBI Documents, And More

    He said he was "disturbed" to hear that she had been facing threats and harassment but urged her to speak before the committee. Democrats would love to block Kavanaugh, but they're more focused on using Ford to win big at the polls .
    Veronica Mars reboot officially happening: New details released

    Veronica Mars reboot officially happening: New details released

    Thomas, Diane Ruggiero-Wright and Dan Etheridge will produce and Bell will serve as an executive producer. The cult-classic feminist crime drama premiered on UPN in 2004 and continued for three seasons.
    Marine Le Pen furious after being ordered to undergo psychiatric tests

    Marine Le Pen furious after being ordered to undergo psychiatric tests

    Le Pen shared the IS images in response to a French journalist who drew a comparison between the jihadist group and her party. Among the list of concerns were whether Le Pen is "in a risky state from the standpoint of psychiatry or forensic science".
  • Jimmy Butler Prefers Clippers For Trade, Downplays Fractured Relationship With Towns

    Jimmy Butler Prefers Clippers For Trade, Downplays Fractured Relationship With Towns

    The team is reportedly looking to part ways with Noah before training camp opens next week , either through a trade or buyout. We'll see if Butler is wearing a different jersey by then - and if Minnesota's drama spirals further out of control.
    I choose to go to the Moon with artists!

    I choose to go to the Moon with artists!

    He wants his guests "to see the moon up close, and the Earth in full view, and create work to reflect their experience", he says. Elon Musk said that the amount is "significant" and could influence the development of missiles Big Falcon Rocket.
    What will it take for North Korea to denuclearise?

    What will it take for North Korea to denuclearise?

    Moon said Kim also told him the closure of a nuclear weapons test site at Punggye-ri could be also subject to global verification. Declaring they had made a major step toward peace, Moon and Kim stood side by side Wednesday as they announced their agreement.


Most liked

IPhone XS Teardown Unearths Smaller Battery And Tricky Display Assembly
Popular tech YouTuber Marques Brownlee (aka MKBHD) posted a video revealing the unboxing and the contents of the iPhone Xs Max . The iPhone XR will be up for pre-orders from October 19, while the sale is expected to start from October 26.

Alibaba’s Ma says 1m US jobs pledge thwarted by trade row
He said the younger generation and new leadership in Alibaba will go straight ahead toward the goal, even after he steps down . Even then, some observers said the figure would be hard to meet, especially given the relatively short time frame given by Ma.

Texas lady shoots massive gator that ate her miniature horse
KTRK reported that Judy Cochran killed the animal Monday at her family ranch along the Trinity River in Polk County. But she took a break from politics this week to settle a score with a 12-foot gator.

Watch firefighters confront a fire tornado in the BC Interior
If smoke and flames weren't bad enough, sometimes firefighters battling blazes in the bush are forced deal with fire tornadoes . In the video, firefighters try to control a hose that was ripped into the air by extreme winds as a fire rages nearby.

One In 11 Us Teens Use Cannabis In E Cigarettes
These products are Juul, Altria Group Inc.'s MarkTen, Fontem Venture's blu, British American Tobacco's Vuse and Logic. The FDA has already been keeping close tabs on the company's advertising that featured young people in groups.

Emilia Clarke Shows Off Her Badass Game of Thrones Tattoo
Sophie Turner , who plays Sansa Stark , had a direwolf tattooed on to her leg with the caption: " The pack survives ". Clarke revealed her plans for the tattoo earlier this year on the talk show Live with Kelly and Ryan .

More than 200 feared drowned in Tanzania ferry disaster
Almost 200 people died in 2011 when the MV Spice Islander I sank off Tanzania's Indian Ocean coast near Zanzibar. At least 44 people have already been confirmed dead, Ukerewe District Commission Colonel Lucas Magembe said.

Ripple And XRP To See Mass Integration With New Money Transfer App
The new platform is powered by Ripple's xCurrent , a solution that allows banks to instantly settle cross-border payments. Investors can then use their newly-acquired Ethereum or Bitcoin to buy XRP using one of the aforementioned exchanges .

Browns win their first game since 2016 as Mayfield shines on debut
Four plays later, the Browns got on the scoreboard with a 45-yard field goal by Greg Joseph to make it 14-3 Jets at halftime. The Cleveland Browns receive the opening kick after the New York Jets won the coin toss and deferred to the second half.

Australia strawberry crisis: Woolworths stops selling needles
The crisis began on September 9, after a Queensland man ate a strawberry with a sewing needle inside. You are putting the livelihoods of hardworking Australians at risk and you are scaring children.

KISS announces ‘End of the Road’ farewell world tour
The statement continued: "This will be the ultimate celebration for those who've seen us and a last chance for those who haven't". No tour dates have been set but the group will make an announcement in the coming weeks on their official website .

Suge Knight to serve 28-year sentence after pleading no contest
He was accused of stealing a camera from a woman and of sending threatening text messages to Straight Outta Compton director F. Knight would've gotten 20 years, but he picked up an additional five years because the crime was deemed violent and severe.

Naughty Naughty! Google Apologises For Fiddling With Battery Settings Without Consent
If you noticed your Android phone was being a bit stubborn about battery saver recently, you're not the only one. The battery saver affects how often apps update and work in the background. "Please configure to your liking".

New Assassin's Creed Board Game, Featuring Ezio, Announced
This actually isn't the first Assassin's Creed-themed board game , as Cryptozoic produced Assassin's Creed : Arena back in 2014. Ubisoft Australia have today announced that Sydney will experience the Assassin's Creed Challenge this October.

Cristiano Ronaldo reacts after receiving first ever Champions League red card
He is set to serve an automatic one-match suspension, which will rule him out of the home game against Young Boys on October 2. We've seen many occasions in football when the referees have been a little unfair to the players or a team.