Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

Soon after that deal was struck, Trump announced that he had done a separate deal with Saudi Arabia to increase production by "maybe up to 2,000,000 barrels".

Turkish authorities were the first to downplay sanctions, when Ibrahim Colin, spokesman for Turkish President Erdo?an, said that Turkey does not accept the USA threat and it will not adhere to US sanctions on banning oil imports from Iran and it will act according to its economy's interests.

In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase oil output by up to 2 million barrels, an assertion that the White House rowed back on in a subsequent statement.

"Our view is clear: The stronger the implementation and enforcement of a zero Iranian export scenario, the higher the oil price will go, with $100 per barrel crude a distinct possibility", it said. This increase is needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump tweeted.

"The reasons why crude is reasonably strong at the moment is there is very good demand growth out there and over the last year-and-a-half there has been compliance with the reduced production by Opec and non-Opec members that has cut 1.8m barrels a day from the supply side of the equation", he said.

Oil prices have been buoyed by tightening supplies this year but there are signs demand may now be easing. Hopefully, the decision would help stabilize the oil prices and contribute towards mitigating woes of billions of people worldwide. India, South Korea and Turkey - all allies or friends of the United States - are major importers of oil from Iran and are unlikely to be able to switch suppliers entirely by November.

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A senior Iranian official has asked US President Donald Trump to refrain from tweeting about oil as he believes the messages are driving up the price of the commodity. But according to Smith, U.S. oil prices have still risen to the mid-$70 mark thanks to record oil exports out of Texas, record refinery usage, and an outage of Canadian oil exports.

A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on US crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

The president also had tough words for other USA allies. "The Iranian government has a plan".

First, the United States, because of its vulnerability to world oil prices, has to once again request that the Saudis increase production, compromising Washington's leverage while conducting foreign policy. The hike in price has created difficulties for all countries especially states like Pakistan that depend heavily on oil imports.

"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.

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