Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’

Donald Trump

The Republican wrote: "The OPEC monopoly must remember that gas prices are up and they are doing little to help".

If you've noticed that the prices at your local gas stations have been going up and down like a yoyo lately, you can blame it on the fickle price of oil. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively.

High oil prices make fracking more economically viable for the U.S., now the third largest producer of oil worldwide. This must be a two way street.

Recent price rises have also been spurred by a United States announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.

"Opec will, from July 1, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation", said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, on Tuesday. It may be a longer-term factor, but short-term, crude oil bulls are more interested in the supply disruptions.

The deal represents the latest successful policy effort by the 24 member supercartel, informally referred to as the "Vienna Group" or "OPEC+", to put their thumb on the scale of global oil markets.

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

Saudi Arabia's objective, revealed at the OPEC meeting in June, has been to stabilise production and prices around current levels. Speaking Thursday, Hossein Kazempour Ardebili, the Iranian governor to OPEC, said the US president was ill-informed on OPEC policies.

United States seeks extension over migrant family reunifications
The goal is to weed out bogus claims by people who aren't related to the children but are trying to get a hold of them anyway. The administration had previously said that just over 2,000 separated minors remained in its care.

Uruguayan president thanks national team for World Cup show
Sweden's all-time top scorer Zlatan Ibrahimovic , who retired from global football in 2016, said the quarterfinal match between the Swedes and England involves "a lot of emotions".

Marcelo trains with Brazil ahead of Mexico last-16 clash
Back spasms led to his withdrawal, with it later suggested that a hotel mattress was to blame for the 30-year-old's discomfort . Brazil collected seven points from their three group matches at this summer's competition.

"REDUCE PRICING NOW!", Trump tweeted on Wednesday, accusing OPEC of "doing little to help" lower pump prices. "Please stop it", Kazempour said.

"You are hammering on good guys in OPEC".

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. When combined with additional pressure from the United States to alleviate rising prices, as illustrated by a number of President Trump's tweets, production hikes were a foregone conclusion.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in US gas stations, is exclusively upon [Trump's] shoulders and the price of over $100 per barrel is yet to come".

The Saudi Cabinet "affirmed the Kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in co-ordination with other producing countries", according to a report by the Saudi Press Agency.

A Saudi Arabian supply surge was to be expected.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction (sic) in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference..."

Related news:

Hot News

isis-killer-beheading-video-story-top Trump to avoid London protests with tour of English country homes
Jul 07, 2018 - 12:36
Johnson said, referring to the prime minister's ceremonial country estate in Ellesborough, about 45 miles northwest of London. But the US President will spend hardly any time in London, minimizing the risk of awkward encounters with angry protesters.

isis-killer-beheading-video-story-top Former Thai Navy Seal dies trying to rescue boys trapped in cave
Jul 07, 2018 - 11:39
Efforts to revive him were unsuccessful, and he was later transferred to a hospital where he was pronounced dead on arrival. His body was taken to a naval base in central Thailand , and then on to his family in the northeastern part of the country.

isis-killer-beheading-video-story-top Terrorists groups hand over weapons to Syrian army
Jul 07, 2018 - 11:16
Rebels then handed over some 275 square kilometres of border territory without a fight, said Observatory chief Rami Abdel Rahman. During Syria's seven-year war, it has conducted scores of air strikes on what it describes as Iranian or Tehran-backed targets.

isis-killer-beheading-video-story-top Defending champ Chestnut sets record with 74 hot dogs
Jul 07, 2018 - 11:15
Nothing says the Fourth of July like barbecues, fireworks and Joey Chestnut winning the Nathan's Hot Dog Eating Contest . The judges originally counted 64 hot dogs, but it was later revealed that an entire plate wasn't counted.

isis-killer-beheading-video-story-top How Trump's trade war could affect Florida
Jul 07, 2018 - 11:03
The Trump administration has argued that China has deployed predatory tactics in a push to overtake USA technological dominance. Officials said 545 United States products, including agricultural products and vehicles, will be hit by retaliatory tariffs .

isis-killer-beheading-video-story-top President Trump claims 'many good conversations' with North Korea
Jul 07, 2018 - 10:19
The top United States diplomat's visit comes amid growing doubts about Pyongyang's willingness to abandon its nuclear arsenal. In a tweet, Mr Trump said North Korea has conducted "no Rocket Launches or Nuclear Testing in 8 months".

Thunder, Carmelo Anthony to part ways this summer
Jul 07, 2018 - 10:14
The Thunder has until August 31 to use the stretch provision on Anthony's contract and have it apply to this season. Oklahoma City was busy this offseason, starting with free agent Paul George committing to stay with them.

isis-killer-beheading-video-story-top China firm told to halt Malaysia rail link project
Jul 07, 2018 - 10:02
It has urged Mahathir's government to "honor and respect" the contract signed by Najib's administration. The interest is also of concern to us because the interest is much higher than when government borrows.

isis-killer-beheading-video-story-top Zlatan Ibrahimovic tips Sweden for World Cup glory
Jul 07, 2018 - 09:15
Switzerland could have played for a week and still not scored against Sweden. Sweden are a tall team at the back and very well organised.

isis-killer-beheading-video-story-top Brazil says Danilo out of World Cup with ankle injury
Jul 07, 2018 - 08:49
Humiliated, 7-1, by Germany in the semifinals fours year ago on home soil, Brazil didn't even get that far this time . Brazil pulled one back with just 17 minutes remaining through Renato Augusto but Belgium held on.

isis-killer-beheading-video-story-top Maduro warns Venezuela army over Trump's 'invasion' plans
Jul 06, 2018 - 22:16
They said they were sure , and McMaster eventually managed to persuade Trump of the dangers of an invasion, the AP report says. Even some of the staunchest U.S. allies were begrudgingly forced to side with Maduro in condemning Trump's saber rattling.

isis-killer-beheading-video-story-top Brazil defender ruled out for the rest of World Cup
Jul 06, 2018 - 21:58
They have reportedly asked the SEALs looking after them for details on what has happened in the World Cup since they became trapped.

isis-killer-beheading-video-story-top Polish Supreme Court 1st President refuses to retire
Jul 06, 2018 - 21:27
Nobel Peace Prize victor Walesa said he would come to Warsaw from his hometown of Gdansk on Wednesday to defend the Supreme Court. Lech Wałęsa has also suggested he will protest , saying on his Facebook that the reforms were "enough to destroy Poland".

isis-killer-beheading-video-story-top Wimbledon 2018: Roger Federer Plays A Breath-Taking 'Drop Shot'
Jul 06, 2018 - 21:22
Third seed Marin Cilic let a two-set lead slip as he was knocked out in the second round of Wimbledon by Argentina's Guido Pella. Djokovic called for a trainer and had his left leg massaged when leading 4-3 in the third set.

isis-killer-beheading-video-story-top Woman goes viral after playing matchmaker on plane
Jul 06, 2018 - 20:42
The entire thread is filled with update after update about two strangers who were forced to sit next to one another on a plane. So dedicated was she to keeping the growing number of people following the love story updated, she even paid for extra Wi-Fi.