Trump urges OPEC to lower the price of oil

Crude Oil Price Analysis Resistance Breached Bulls Take Charge

Between 2011 and 2015, when the difference in price between domestic crude oil and foreign crude oil was significantly greater than it had been in previous years, refineries on the US East Coast increased receipts of domestic crude oil, particularly by rail and domestic marine shipping. But with Trump keeping up the pressure ahead of the November mid-term elections, "what should stop the Saudis and Russians producing more?" Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that Opec will be unable to compensate fully for the loss of oil from Iran, Opec's third-biggest producer. The price of oil is up 7 percent in the last month and almost 18 percent for 2018.

Such technical arguments may inflame passions inside OPEC delegations, but they're drowned out by Trump's Twitter bullhorn, which was blasting loud and clear on Thursday.

Prices were supported by sanctions on Iranian supplies and pressured by the potential that Chinese demand could wane.

USA crude oil stockpiles fell for a fifth straight week to 3-1/2-year lows, while gasoline inventories also drew down sharply last week on unseasonally strong demand, the Energy Information Administration said on Wednesday. "Novak has done what he could do to help Perry, Al-Falih not yet".

"We believe OPEC will, at the very least, signal that it plans to do more in light of Venezuela declines and expected impact of USA sanctions on Iran exports", Hedgeye senior analyst Joe McMonigle said.

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United Nations Special Envoy to Syria Staffan de Mistura urged all the players to exercise restraint. The ministry added that it considered such actions by Israel to be hostile.

The two countries have already boosted output by a combined 800,000 b/d since May. Many buyers have already scaled back Iranian purchases, and it was unclear how easily other producers, such as Saudi Arabia, Iraq and Russian Federation, can compensate for lost supply. Saudi Arabia, Russia and the USA are the world's three largest oil producers. "Saudi Arabia now faces a dilemma", Fritsch said.

Russian Federation has increased its productivity by more than 200,000 bpd (barrels per day).

In staying away from the meeting, Zanganeh could complicate plans by OPEC to institutionalize its partnership with Russian Federation and the other non-OPEC participants in its supply accord.

"It's likely to be a meeting high on politics and low on decisions", said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S. "However, countries like Iran and Venezuela could end up opposing any increase if this is seen as grab in their market share".

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