Iran slams Trump and his 'tweeting methods'

Iran slams Trump and his 'tweeting methods'

On Wednesday, he tweeted that OPEC is "doing little to help", adding that, "if anything, they are driving prices higher".

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.

West Texas Intermediate crude oil is trading for US$73.09 per barrel.

Trump's policy of economic sanctions on Iran has been accused by some bankers and energy experts as the primary factor in the market's current level of high and unstable prices, CNBC recently reported.

The war of words over oil prices continues between US President Donald Trump and Iran, and the latest salvo from Iran is for Trump to stop tweeting.

"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"

"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said.

This week's price action indicates the market appears to have absorbed the recent announcement that an OPEC-led group and Russian Federation will raise output by about 1 million bpd.

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In fact, increasing prices of oil crisis was originally triggered by the United States after pulling out of the nuclear deal between Tehran and the world powers, in addition to pressure piled by USA on its allies to stop purchases of oil from Iran. "While OPEC's effect on oil prices remains notable, the commodity is also rising for other reasons", Trump said Wednesday on Twitter.

Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the United States".

Joining the chorus of indignant outcries was Iranian president Hassan Rouhani, who was quoted by state news agency IRNA as saying, "The Americans say they want to reduce Iranian oil exports to zero; they have talked without thinking carefully [and] it shows they have not thought about its consequences".

Top exporter Saudi Arabia told OPEC it raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

The Iranian Islamic Republic has the world's fourth-largest crude oil reserves, with around 10% of the global stockpiles and around 13% of the OPEC reserves.

Saudi Arabia told OPEC it pumped about 10.5 MMbopd last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter. Speaking Thursday, Hossein Kazempour Ardebili, the Iranian governor to OPEC, said the USA president was ill-informed on OPEC policies. According to some analysts, extra global production capacity is around 2 to 3 million barrels per day.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile USA action. Further, rising trade war concerns in U.S. and China too dragged oil prices down, hitting a low of 76.60 levels as of 15:58 hours IST.

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