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

Oil prices climb on tightening US market

Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall.

Iran's representative to OPEC called on US President Donald Trump to "please stop" tweeting about oil, adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars".

Iran's OPEC Governor Hossein Kazempour Ardebili told the state-run Shana news agency Trump's policy on Iranian oil is "a kind of self-harm". "Pls stop it, otherwise it will go even higher!"

Oil prices have been buoyed by tightening supplies this year but there are signs demand may now be easing.

The cartel agreed in...

"You are hammering on good guys in OPEC", Kazempour said, according to Bloomberg. Saudi Arabia agrees with Trump on the importance of keeping prices down but has not committed to increasing output sufficiently.

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In May, Trump announced that he would pull America out of a 2015 nuclear agreement with Iran and re-impose the sanctions that the deal had envisaged to be lifted. You are actually discrediting them and undermining their sovereignty. Rising gasoline prices could create a political headache for Trump before the November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the USA economy.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile United States action.

The latter have soared in the last two years to around 400,000 barrels per day in July, worth around $1 billion at current market prices.

Energy consultancy FGE on Friday issued a stark warning of looming supply shortages due to USA sanctions against Iran, and because of disruptions elsewhere.

Volatility in the Middle East and USA foreign policy can have a major impact on oil prices.

Involuntary drops in supply in Venezuela, Angola and Libya have made the cutbacks even bigger, although OPEC has now started to ease those curbs with Saudi Arabia pumping more. While OPEC is facing mounting pressure from Trump to do more, America's sanctions on group members Iran and Venezuela are adding uncertainties, just as USA tariffs on Chinese goods kick in on Friday.

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