Crude Prices Mixed as Trump Calls for More Action From OPEC

Iran to Trump: oil will cost $100 per barrel, and it is your fault

The OPEC Monopoly must remember that gas prices are up & they are doing little to help. "Please stop this method", the Iranian oil ministry's news agency, SHANA, quoted Kazempour as saying. It's telling that this is his third provocation on oil prices since April.

Iran's deputy commander of the Sarollah Revolutionary Guards said on Wednesday that any attempt to thwart its oil exports will result in the closure of Strait of Hormuz, the narrow waterway at the mouth of the Persian Gulf, where the world's biggest concentration of tankers carry about 30 percent of all seaborne-traded crude oil and other liquids during the year.

"You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?!" The joint Opec and non-Opec producers' committees will monitor overall compliance, Mazrouei said.

Ardebili also told Trump, "You are hammering on good guys in OPEC".

In response, a senior Iranian official accused Mr Trump of sending prices even higher through his tweets. "Because the oil market is already in tight supply due to the numerous outages, this would drive global prices (Brent) further up", Commerzbank said in a note.

Brent crude futures LCOc1 were at 77.70 dollars per barrel at 6.53 GMT, down 54 cents, or 0.7 per cent, from their last close.

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Financial institutions and experts have also pointed to Trump for driving up global prices.

Crude hit a three-year high of $75.27 on Tuesday as the outlook for less supplies from Iran, Libya and Venezuela overshadows a pledge by OPEC and its allies to boost output by 1 million barrels a day. "Perhaps one of the US president's advisors should explain this to him", the German financial institution added.

The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said. The outage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for US crude versus Brent crude over the past month.

South Korea is reported to have stopped importing Iran's oil and condensate in what appears to be a temporary halt until the country obtains an exemption from USA curbs on buying Iranian oil.

Last month, members of OPEC agreed to pump an additional 1 million barrels of crude daily, a move that should help contain prices.

If that happens, "Chinese demand would then shift to other suppliers". Additionally, about 300,000 bpd of Libyan oil has been taken off the market.

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