INTERNATIONAL - Iran slams Trump's 'interfering' remarks on OPEC

INTERNATIONAL - Iran slams Trump's 'interfering' remarks on OPEC

"It looks as though any additional supply increase from Gulf producers and Russian Federation will not be able to replace lost barrels from Libya, Iran and Venezuela".

Futures in NY were little changed following US Independence Day. The president, therefore, is paying much closer attention to the harmful impact of higher oil and gasoline prices on consumers in swing states.

He also mentioned that a working group to discuss the plan was being formed.

- The price of US crude oil has shrugged off a demand by US President Donald Trump that OPEC cuts prices. Some members should remember that the United States is defending them for little reciprocal benefits, he added. This must be a two way street. "He has agreed!" Trump tweeted early on Saturday.

According to the sources, India is hoping to hold engagement on this subject with the United States within the span of a month but it is unlikely for the USA to grant a waiver.

Looming larger over markets is the U.S./China trade dispute.

In late morning trading Thursday, the price of the worldwide benchmark Brent grade of crude oil was little changed at $77.85 a barrel. "Whose pricing is higher".

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Oil held near $74 a barrel as President Donald Trump's tweet urging OPEC to pump more to temper prices did little to assuage concerns over a global crude supply crunch.

China has indicated that it could place a tariff of 25 percent on USA oil.

Iran exported more than 2.4 million barrels a day in May, according to the International Energy Agency.

OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to USA sanctions.

"[It] would be a kind of self-harm for the USA as it would lead to dramatic price hikes in the oil market", Ardebili said, adding that "American consumers" will likely pay higher prices at the pump due to "Trump's unilateralism".

"The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors - in Iran, Libya, and Venezuela - potentially destabilizing global supply and high crude exports from the U.S.", AAA said in a statement. The kingdom faces intense political pressure as prices reach levels that threaten economic growth, and as American sanctions on Iranian oil exports require replacement barrels to prevent a supply squeeze.

Trump administration officials have been visiting other nations to press them to halt oil purchases altogether. Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

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