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

Oil prices climb on tightening US market

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.

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.

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