Trump says OPEC 'monopoly' must get prices down

Oil prices fall amid surprise growth in U.S. crude stocks

President Donald Trump on Thursday once again tweeted his belief that major oil producers in the Middle East were conspiring to keep oil prices high, and he seemed to threaten the withdrawal of military resources from the region if the OPEC cartel did not help to lower prices.

Opec and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. Trump wrote on Twitter.

Between 2011 and 2015, when the difference in price between domestic crude oil and foreign crude oil was significantly greater than it had been in previous years, refineries on the US East Coast increased receipts of domestic crude oil, particularly by rail and domestic marine shipping.

Brent crude oil had edged towards the $80 per barrel shortly before Trump's comments, while West Texas Intermediate (WTI) crude had crept above $71 per barrel, despite increased production in Saudi Arabia and Russian Federation.

The EIA said US production exceeded Saudi Arabia's in February "for the first time in more than two decades", and that in June and August, it outproduced Russian Federation "for the first time since February 1999".

In a visit to Moscow this month, U.S. Energy Secretary Rick Perry said Saudi Arabia, the United States and Russian Federation can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran.

Prices were supported by sanctions on Iranian supplies and pressured by the potential that Chinese demand could wane.

Trump has been consistent in his demands and belief that oil prices are too high.

Trump has imposed sanctions in response to Iran's nuclear program that are to go into full effect on November 4. US light crude oil was 40 cents higher at $71.52 after rising almost 2 percent on Wednesday.

US sanctions on Iran's oil exports come into force on November 4.

Brent has been trading below the psychologically important $80 level for the last week but could now move higher, Reuters markets analyst Wang Tao said.

The comments come just ahead of this weekend's meeting of a committee monitoring the supply pact between OPEC, Russia and some other non-OPEC producers. "Brent is definitely fighting the $80 line, wanting to break above", said SEB Markets chief commodities analyst Bjarne Schieldrop, Reuters reported.



Latest news

Bills Notch Historic Upset Win as 17-Point Underdogs vs. Vikings
Credit an impressive performance from Sean McDermott's defense but make sure to credit Allen as well. "That's Josh, man. Fumbles on consecutive possessions by Cousins led to Bills recoveries, and they pushed the lead to 17-0.

France & Dassault tiptoe on Hollande, Modi silent
Dassault Aviation , the makers of Rafale, had chosen Reliance Defence as its partner to fulfill offset obligations of the deal. Former French President's statement directly contradicts what Modi govt had been saying so far.

Karl-Anthony Towns Agrees To $190M Max Deal With Timberwolves
Butler's contract is set to expire after this season and Thibodeau was looking to lock him up on a long-term contract last July. Jimmy Butler himself prefers to be traded to the Los Angeles Clippers , the New York Knicks or the Brooklyn Nets .

Bank on this Justin Rose edge in Tour Championship
For Woods to win the FedEx Cup, he'd have to pull off one of the most impressive victories of his career. While the main prize has been boosted to $15m, the number of playoff events has been reduced to three.

Other news