Iran to Trump: Your tweets are driving up oil prices

Iran's OPEC governor Hossein Kazempour Ardebili

Iran's OPEC governor Hossein Kazempour Ardebili

The president's call to "reduce pricing" was an apparent reference for oil producers to churn out more supply in order to contain spiking oil prices.

The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasizing his great personal relationship with the Saudi king and crown prince. Speculators are using this narrative to support prices and unless there is an increase in production, prices are likely to be supported into the end of the year. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

The United States will counter the influence of Iran, Saudi Arabia's major regional rival, by imposing tough sanctions. Rising gasoline prices could create a political headache for Trump before the November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the US economy. Many coutries have not committed to the U.S. ban, and if prices rise, Iran may ultimately take in just as much money even with fewer exports. His latest was a reminder that the U.S. defends many OPEC members for "very little" money.

Saudi Arabia's objective, revealed at the OPEC meeting in June, has been to stabilize production and prices around current levels.

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The UAE's Abu Dhabi National Oil Co (ADNOC) said on Tuesday it could increase production by several hundred thousand bpd if needed.

Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment.

Trump, who is mindful of what impact rising gas prices at station pumps will have on American voters heading into the crunch November midterms, responded on Twitter: "Hope OPEC will increase output substantially". Analysts had expected a 3.5 million-barrel draw.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help". This must be a two-way street.

Democrat's Calls to Abolish ICE Would Doom Future Wins
"The former Sex and the City star made headlines by calling ICE a 'terrorist organization, '" Fox News Insider reported . They all think ICE should be disbanded and its work handled by a different, more capable agency.

High prices hurt motorists and oil consumers across the country. Prices to (sic) high! "Every president before Trump has done it and it tends to happen in an election year". After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon.

Geoffrey Craig, the oil futures editor at Platts, said the drain on USA inventory levels is in part because of higher domestic exports, which set a record for the week ending June 22 at 3 million barrels per day.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement.

Headline acts Messi and Ronaldo exit World Cup
Portugal captain Cristiano Ronaldo has refused to discuss his retirement plans after the World Cup exit. Biglia and Mascherano both announced that they were retiring from global , the latter in tears.

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