Oil price soon to reach $100 per barrel

Oil price soon to reach $100 per barrel

Oil price soon to reach $100 per barrel

And Trump's lack of understanding of the dynamics of OPEC and the global oil markets come through particularly clearly with every tweet he sends and FOX interview he gives.

Bijan Zanganeh condemned the U.S. president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account.

Brent for September settlement lost 20 cents, or 0.2 per cent, to US$78.04 a barrel on the London-based ICE Futures Europe exchange, after gaining 48 cents yesterday. "REDUCE PRICING NOW!" Trump tweeted.

Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

Iran's oil minister says there has been no significant change in the country's oil production and export despite USA pressures.

That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.

Opec, together with a group of non-Opec producers led by Russian Federation, reduced output in 2017 to prop up the market.

Renewed U.S. sanctions on Iranian oil appear set to tighten supplies further.

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018. OPEC and its allies, namely Russian Federation, had agreed in a June meeting to effectively raise output by 1 million barrels a day to help counteract lost barrels from Venezuela and Iran.

United States crude inventories probably declined by 5 million barrels last week, according to a Bloomberg survey. "Because the oil market is already in tight supply due to the numerous outages, this would drive global prices (Brent) further up", Commerzbank said in a note.

China's Commerce Ministry spokesman Gao Feng said America's tariffs will backfire and damage the world economy because more than half of the US$34 billion of Chinese exports are produced by foreign companies.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to USA sanctions.

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