Trump declares oil prices 'too high', blames Opec

Galtero Lara
Junio 14, 2018

"Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two".

In the United States, rising gasoline prices have threatened to blunt other economic headwinds.

Brent crude was up 53 cents at $76.41 a barrel by 10:52 a.m. EDT (1552 GMT).

India and China are discussing ways to boost imports of USA crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official.

USA crude stocks fell more than expected last week, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday.

The IEA meanwhile warned that whatever the outcome of the meeting, "the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption". "Put the exports of crude on top of that, and it's just a really bullish report".

USA production rose to 10.9 million barrels a day in the week, but Kilduff said the market appeared able to absorb the increase. "It seems like we need nearly every barrel of that to keep up with this refining demand".

More news: Trump elogia a Kim: "Es un tipo fuerte y muy inteligente"

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.

- Donald J. Trump (@realDonaldTrump) April 20, 2018Bloomberg and Reuters reported last week that Trump requested that Organization of Petroleum Exporting Countries members, such as Saudi Arabia, increase their oil production.

On Wednesday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club.

The 14-strong Organization of the Petroleum Exporting Countries and 10 non-OPEC producers, led by Russian Federation, are set to meet on June 22 and 23 to discuss the future of previously pledged production cuts of over 1.8 million barrels a day.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the U.S. and European oil futures contracts. The meeting is expected to be one of the most contentious summits in recent years, as Iran, Venezuela, and Iraq are against boosting production and are criticizing Saudi Arabia for not having briefed them prior to commenting that production may be raised. "Unofficial sources have said Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".

Then there is Iran, OPEC's third-biggest producer. Prices last month were further boosted to the highest level since 2014 after a USA decision to reimpose sanctions on Iran threatened to curb exports from the Islamic Republic and as economic turmoil in Venezuela hurt the Latin American nation's output.

"Prices will be above $150 in less than two years", he tweeted on Wednesday.

Otros informes por

Discuta este artículo

SIGUE NUESTRO PERIÓDICO