Iran: Hey Trump, 'Please Stop' With Your 'Indecent Tweets' Upping Oil Prices

Iran's OPEC governor Hossein Kazempour Ardebili

The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil.

The Republican president has lashed out at OPEC in recent weeks.

Founded in 1960, OPEC is a group of governments whose countries are significant oil producers. Together they regulate the supply of oil that reaches the market from them to manipulate its price. Three members of the Organization of Petroleum Exporting Countries - Libya, Iran and Venezuela - are posting real, or have expected, production declines. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help".

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

U.S. President Donald Trump delivers remarks at a "Salute to Service" dinner held in honor of the nation's military at The Greenbrier in White Sulphur Springs, West Virginia, July 3, 2018. Trump launched another Twitter attack on OPEC.

OPEC did not respond to a request for comment.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00am EDT due to the Independence Day holiday in the United States. Perhaps Trump will ask Putin at their upcoming meeting to increase production.

Uruguay Hit Man Doubtful For France Showdown
They will play against France in Nizhny Novgorod on July 6. The match will showcase several cross-border friendships. To please him, the Parisian is more than ever uncertain.

This is while world oil prices have climbed higher as the Trump administration has pressured U.S. allies to end all purchases of oil from Iran. "Need to keep prices down!"

The OPEC Basket price per barrel of crude oil is about $74. It peaked recently at near to $113 in August 2013 before collapsing below $25 in January 2016, then steadily recovering to today's price.

Trump's abandonment of the Iran nuclear deal may have consequences for oil prices. Rising gasoline prices could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the USA economy.

The early reaction to Trump's tweet was normal.

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". It is the sole sea passage connecting the Persian Gulf to the open ocean and is used to transport oil to the world.

Iran's OPEC governor Hossein Kazempour Ardebili said the U.S. ban amounted to "self harm", adding that Iran's position is that oil should not be used as a weapon or for political purposes.

Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States. Americans pay the second-lowest price per gallon among major economies.

Related News:



Most liked

LeBron's Interest in Joining the Lakers is Strong
A source familiar with the Cavs' thinking said re-signing James is Cleveland's "Plan A, B and C" when it comes to free agency. James could opt to sign a "one-and-one deal", a one-year contract for the 2018-19 season with a player option for 2019-20.

Three new sex assault allegations against Kevin Spacey
Spacey became one of the earliest faces of the #MeToo movement when Rapp first accused him of sexual misconduct in October 2017. Australian actor Guy Pearce has alluded to an unpleasant encounter with disgraced Oscar-winner Kevin Spacey .

At least 12 arrested after Whatsapp rumor sparks lynching of 5
Police also imposed a curfew in the village and have deployed auxiliary forces, but the area remains on edge, the BBC reports. In the interim, local authorities have attempted to tackle the issue themselves.

The pain will be unbearable: China has developed "laser AK-47"
Experts believe that lithium battery rifle can handle over 1000 laser pulses that last about two seconds. And, because the shots are silent and invisible, "nobody will know where the attack came from".

Tina Turner’s Son Craig Dead at 59
Tina gave birth to Craig when she was 18 and he was adopted by her ex-husband Ike Turner when they got married. Craig was found dead by authorities inside his Studio City, California , home, just after noon on Tuesday.

Lakers Make Questionable Moves After Landing LeBron
He averaged 9.2 points, 5.2 rebounds and 2.9 assists a game for IN last season, his first campaign without missing a game. If the Lakers choose not to acquire another star this offseason, they will have an excellent opportunity next year.

SOS Mike Pompeo Back to North Korea on July 5
Sanders said the United States was "continuing to make progress" in talks with North Korea. Some aspects of the updated intelligence were reported Friday by NBC News.

Spanish Superstar Quits International Football After Russia Defeat
Sergio Ramos forced an own goal early on, but the hosts found a way back into the tie by a penalty late in the first-half. The team's reserve goalkeepers at the World Cup were veteran Pepe Reina and youngster Kepa Arrizabalaga.

Canada Hits US With $12.6 Billion In Retaliatory Tariffs
Trump , however, has said he wants to wait until after November's USA congressional midterms before committing to a new agreement. Trump enraged Canada and other USA allies by declaring imported steel and aluminium a threat to America's national security.

Trump administration rescinds Obama-era guidance on race in college admissions
McDonough said the action could have a chilling effect on colleges as they review their admission methods. It comes as the Trump administration continues its crackdown on immigration, including asylum seekers.

Former Malaysian prime minister Najib arrested on graft charges
Local media reports said Najib was seen leaving his house in the capital, Kuala Lumpur , in an unmarked police vehicle . A spokesperson for Najib said the charges and 1MDB investigation were "politically motivated", News Asia reported.

Australia Breaks Records As It Trashes Zimbabwe In Third T20I
Along with his partner D'Arcy Short (46), Finch also registered the first 200-run stand in T20I history. Finch brought up his second T20I hundred at the end of the 14th over, taking just 50 deliveries.

Maradona offers to coach Argentina for free after World Cup debacle
That should not be a reflection on his outstanding skill, but Argentina's repeated failure at the final hurdle is self-evident. Sampaoli is a successful coach, having won the Copa America with Chile in 2015, and he has vowed to continue in charge.

Malaysia freezes Najib's party bank accounts linked to 1MDB
At least 50 media personnel from local and global agencies gathered from as early as 7am to cover Zahid's arrival today.

OIL PRICE CRISIS: Prices PLUMMET as experts warn of imminent 'OIL SHOCK’
The White House later walked back the president's comments, saying the king said his country can raise oil production if needed. Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the US sanctions.