Trump Says OPEC To Blame For High Oil Prices

22 June, 2018, 16:14 | Author: Shannon Aguilar
  • Saudi Arabia’s energy minister may face his toughest test when OPEC members meet. Bloomberg’s Heesu Lee reports

Last week, US President Donald Trump, once again, reiterated that oil prices were too high.

Meanwhile, U.S. crude stockpiles fell more than expected last week, while gasoline and distillate inventories built, industry group the American Petroleum Institute said late Tuesday, ahead of the government's report on Wednesday at 10:30 a.m. (1430 GMT).

USA shale producers can step up to meet any supply deficit, but Roberts and Phil Flynn, senior energy analyst at the Price Futures Group, said it takes time for them to increase output because of the nature of shale mining. "It's going to be the most interesting meeting for a while".

But it's Iran and Venezuela-founding OPEC members and those most affected by USA sanctions and unable to boost production-that are most vehemently opposing an increase in the cartel's production. So as Iran cuts back by 500,000 barrels a day, something like that, Saudi is talking about filling that gap there.

From outside, Trump is attacking the cartel on Twitter for artificially inflating prices and lobbying hard behind the scenes for a significant production increase.

On a related note, Pradhan is slated to attend the OPEC meeting in Vienna on June 20.

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Suhail bin Mohammed Faraj Faris Al Mazrouei, also President of the Organisation of Petroleum Exporting Countries (OPEC) Conference for 2018, was speaking ahead of 174th meeting which kicks off on June 22 in Vienna, Austria. "If the two want to act alone, that's a breach of the cooperation agreement", the official said. Saudi Arabia and Russian Federation have already boosted production modestly, and have indicated they were prepared to increase output at that meeting, Reuters reported.

"There is an element of self-preservation in seeking to do this, as while most oil producers prefer higher prices they will also want to avoid a scenario where prices reach a level where demand drops off sharply, thus triggering a global slowdown, as well as accelerating the push for renewable (energy)", he said.

The signatories to the OPEC-non-OPEC deal are now considering possible changes to the terms of the deal, in particular, the possibility of increasing oil production. Some OPEC members back increasing output by the lower end of the 300,000 to 600,000 barrel a day range, one of the people said.

Whether they can convince those producers whose output is falling to accept an outcome where prices are lower than they might otherwise have been could have implications for not just near-term oil prices but the stability and effectiveness of OPEC in future. "A meaningful increase in long-haul flows from some of the key OPEC exporters would go a long way in turning the crude tanker market around, especially since it will impact the physical market as well as provide a boost to the all-important market psychology".

Deputy director of energy policy of the Institute of Energy and Finances, Alexey Belogoriev, agreed with the fact that the price of $60 per barrel is enough for participants in the OPEC deal.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.


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