Wednesday, 20 June, 2018

Oil Prices Are Too High

Crude Oil Crude Oil
Priscilla Morrison | 13 June, 2018, 18:26

US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

Fox News contributor John Layfield on the impact of rising oil prices on the US economy.

His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again". In late May, that decline reversed and the price oil declined as Russian Federation and Saudi Arabia indicated a willingness to accept lower prices.

In April, Trump also blasted OPEC on Twitter, accusing the group of "artificially" raising oil prices. They plan to discuss oil, amongst other things. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.

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Futures in NY dropped as much as 1.3 percent after Russian Federation, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so.

The U.S. move has put pressure on European and Asian clients to stop importing Iranian oil or doing business with the country. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.

As oil prices continue to fall, the American Petroleum Institute (API) reported a mild build of 800,000 barrels of United States crude oil inventories for the week ending June 8, compared to analyst expectations that this week would see a much larger draw in crude oil inventories of 2.744 million barrels.

Trump sent out his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore and it was not immediately clear what prompted his comment.

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