Trump criticized oil price for being artificially raised and denied by OPEC.

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 Trump criticized oil price for being artificially raised and denied by OPEC.


A few days ago, Trump rarely spearheaded the OPEC on Twitter: OPEC seems to have applied again. Now there are record oil stocks everywhere, even the sea is full of oil tankers. Oil prices have been pushed to a very high level! This is not good, and it cant be accepted! This is the first time that OPEC has been mentioned in social media since he became president. Recently, oil prices have risen more than 70 U.S. dollars / barrel, which resulted in a slight decline in US crude oil futures on the same day. In fact, it is not clear to the outside world what prompted Trump to release the above-mentioned tweets at the time, because the measures taken by OPEC are not the same as the actions that have been done since the beginning of 2017. Over the past year, OPEC and other oil producing countries, including Russia, have been pushing down global crude oil inventories by implementing a production reduction agreement. Trumps tweets were attacked and refuted by oil producing countries. According to CNBC, the current chairman of the OPEC said on Monday that the OPEC did not raise oil prices, but was holding a common lofty goal to save the market. Not long ago, foreign media quoted Saudi officials as saying they were happy to see the oil price rise to $80 per barrel, or $100. Saudi Arabia is the worlds largest oil exporter. I do not think we have said that we are setting the target price. Everyone can remember what happened two years ago - the market was flooded because of oversupply, but it was not OPEC that poured into the market too much. There was no one to interfere in the matter. Emirates Minister of energy and industry and chairman of OPEC SuhailAlMazrouei told CNBC. Driven by the shale oil boom, US oil production has climbed to a record high. The global crude oil surplus led to a sharp decline in the market, and oil prices punctured $30 barrels of oil in 2016. OPEC and non OPEC countries are united to try to solve the market imbalance at the expense of partial output. Therefore, the goal of OPEC is to liberate the market from long-term oversupply. AlMazrouei stressed that. He also said the oil market is now in a much better place than before by the OPEC and Russias major oil producing countries by the end of the deadline. But there is still much work to do to rebalance the oil market. This is in line with Saudi energy minister Khalidal-Falih and Russian energy minister AlexanderNovak. This is a bigger problem, not just focusing on todays oil prices and yesterdays oil prices, he said, pointing out that oil prices are high. AlMazrouei said. It is not to be ignored that the target of Trumps tweets is a more complex OPEC than 40 years ago - when the group was regarded as the manipulator of the oil price, and it was the oil crisis that had been cut off in 70s in the last century. Trump did not mention what action his cabinet might take against oil prices and OPEC. It is believed that the US government can not legally influence oil prices, and can only intervene by releasing strategic oil reserves. HelimaCroft, a global commodity strategy director at Royal Bank of Canada, says Trumps hint of concern about the oil market has triggered speculation that he might get oil from the US strategic oil reserves. In my opinion, this essay is a bit misleading, and it is not entirely true. SpencerWalsh, an analyst at IHSMarkit oil market, said. In fact, Trump himself is also responsible for the recent rise in oil prices, which is due to the global geopolitical risk escalation. This fear has been driving up oil prices because of fears that the United States may re sanction Iran. Some people interpret this as an early release of his decision making information on Iraq in May 12th. DanielYergin, vice chairman of HISMarkit, said that even if the United States resumed sanctions against OPEC member states in Iran, it would not reproduce the large-scale impact in 2012. The United States may act alone, but sanctions can cut hundreds of thousands of barrels of crude oil in the oil market. In addition, the US air strikes on Syria exacerbated geopolitical uncertainty and helped fuel oil prices earlier this month. Venezuela, in this teetering OPEC member state, has already led to a decline in output. The Trump administration is considering oil sanctions against Venezuela to further reduce supply. This summer, gasoline prices in the United States may reach their highest level in four years. The JohnKilduff analysis from the energy hedge fund AgainCapital said Trump thought the price of oil would rise all the way, and he knew it was bad for his support and no benefit to the economy. When gasoline prices rise to $3 / gallon, market sentiment will be the first to be hit. The source of this article: surging news editor: Zhang Haitong _NN9053 Some people interpret this as an early release of his decision making information on Iraq in May 12th. DanielYergin, vice chairman of HISMarkit, said that even if the United States resumed sanctions against OPEC member states in Iran, it would not reproduce the large-scale impact in 2012. The United States may act alone, but sanctions can cut hundreds of thousands of barrels of crude oil in the oil market. In addition, the US air strikes on Syria exacerbated geopolitical uncertainty and helped fuel oil prices earlier this month. Venezuela, in this teetering OPEC member state, has already led to a decline in output. The Trump administration is considering oil sanctions against Venezuela to further reduce supply. This summer, gasoline prices in the United States may reach their highest level in four years. The JohnKilduff analysis from the energy hedge fund AgainCapital said Trump thought the price of oil would rise all the way, and he knew it was bad for his support and no benefit to the economy. When gasoline prices rise to $3 / gallon, market sentiment will be the first to be hit.