Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
24 September, 2018, 19:59
It is unclear whether producers such as Saudi Arabia, Iraq and Russian Federation can compensate for lost supply.
In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting that such tweets from the president would probably continue with the USA midterm elections fast approaching. Both countries had already starting ramping up shipments in May, one month before the Organization of Petroleum Exporting Countries and its allies agreed to ease their cuts. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas.
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.
"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!" "Saudi Arabia now faces a dilemma", Fritsch said.
Trump's call to OPEC comes as his country goes to mid-term polls - elections will be held to elect congressmen and senators to the House of Congress.
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Among the countries capable of increasing production beyond current levels, Saudi Arabia and Russian Federation hold about three quarters of the spare capacity, according to Bloomberg calculations using data from the International Energy Agency.
Data from the InterContinental Exchange showed open interest in calls that give the owner the right to buy Brent futures at $80 and $85 by next week grew by almost 45 per cent on Monday and Tuesday to an equivalent of 54 million barrels of oil.
At the same time, Trump will reimpose sanctions on Iran later this year as part of his decision to withdraw from the nuclear deal, potentially removing a significant oil supplier from the market.
U.S. Energy Secretary Rick Perry had separate meetings with Saudi Arabian and Russian officials this month.
"Russia was quick to announce after those meetings that their production has reached new post-Soviet high", Jakob said.
As usual, the focus will be on Saudi energy minister Khalid al-Falih, who has talked of OPEC becoming more like a central bank for oil.
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Brent may fall more than $1 to $76.37 a barrel while WTI crude prices may revisit the September 14 low of $67.94, he wrote. U.S. crude futures CLc1 were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S.
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