Trump says OPEC is 'doing little' to lower gas prices

Crude Oil

Morgan Stanley raised its Brent crude forecast to $85 a barrel next year, while U.S. President Donald Trump continued to push top OPEC producer Saudi Arabia to pump more and reduce petroleum prices for consumers.

In response to Trump's remarks, Iran's OPEC representative urged the president to "please stop" tweeting about lower oil prices, according to a Reuters report.

Crude-oil prices retreated early Friday and were on track to book a weekly loss for the first time in three weeks, a day after the USA benchmark contract suffered its lowest settlement in more than a week amid signs of rising production in Saudi Arabia and protracted trade tensions between the United States and China, according to monitored reports. The bank said that USA efforts to block Iran from exporting oil would make it hard for OPEC to meet supply demands, forcing prices to rise.

Hossein Kazempour, Iran's OPEC Governor, thinks prices are rising because of Trump's tweets.

It turns out the reason is to be found in an article published moments ago by Al Jazeera, according to which the Saudis "have agreed to U.S. demands to pump more oil", and which quoted the official Saudi Press Agency that Saudi Arabia's cabinet on Tuesday "endorsed the kindgdom's readiness to pump more oil to maintain market balance and stability". "To us it is clear that harsh application of Iranian sanctions will very likely spiral oil prices higher", Sankey wrote yesterday.

A United States government report on crude stockpiles rising 1.3 million barrels showing unexpectedly ample supplies after analysts had forecast a decline also weighed on prices this week.

The barrel of West Texas Intermediate touched its highest level since November 2014 above $75 on Tuesday but made a deep correction to end the day flat near the $74 mark.

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"OPEC has not defined oil prices for the past 30 years, it's a financial market. Since when did you start ordering OPEC", he said, according to Shana. "REDUCE PRICING NOW!" he added.

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.

The decline in fuel inventories was largely down due to the outage at Syncrude Canada's 360,000 barrels per day oil sands facility near Fort McMurray, Alberta.

Brent crude, the global benchmark, was down 19 cents at $77.20 a barrel by 0910 GMT.

Oil prices dropped early on Friday as fears of the escalating U.S.

"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..."

OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

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