Intel: Why Trump is putting OPEC on notice

Intel: Why Trump is putting OPEC on notice

Intel: Why Trump is putting OPEC on notice

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

The International Energy Agency (IEA) forecasts strong oil demand growth of 1.4 million barrels per day (bpd) this year and 1.5 million bpd in 2019, and said in its most recent report that the market was tightening. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday.

Still, the oil market is bracing for a hit to global supplies from renewed USA sanctions on Iran. Earlier, he repeatedly accused OPEC of "pushing for higher" crude prices despite the military protection provided by the US.

A Nigerian oil industry official said OPEC will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.

On Tuesday, Mr. Trump's address to the world body is expected to focus heavily on Iran and the threat he says the Islamic Republic poses to Middle Eastern stability through its support for proxy forces in Syria, Lebanon and elsewhere.

Iran trying to drive wedge between US, Europeans: UAE minister
Despite Trump's praise, the administration has said Pyongyang is slow-walking toward fulfilling the goals set in Singapore. The Trump administration notified the United Nations late previous year that the USA would not continue with Mr.

US President Donald Trump has criticised the Organisation of Petroleum Exporting Countries (OPEC) and its members for taking undue advantage of oil consuming nations by keeping oil prices high.

OPEC and non-OPEC including Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output. Eventually, I do believe that the market will be used to that price and we will be able to go higher, but we may be a little bit overextended over the last couple of days.

The so-called 'OPEC+' group, which includes other oil producers, including the world's biggest Russian Federation, as well as Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group did not see the need to add new output as the market is well-supplied now.

Most of the potential supply shortfall has already been priced into the contract, Again Capital's Kilduff said.

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