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The US Becomes Highest Crude Oil Manufacturer Worldwide

24 September, 2018, 19:58 | Author: Melinda Barton
  • Crude Oil Price Analysis Resistance Breached Bulls Take Charge

Trump's criticism was directed primarily at Saudi Arabia, Opec's biggest producer, after the kingdom said it could tolerate oil prices above $80, at least in the short term, said Commerzbank commodities analyst Carsten Fritsch. It is unclear whether producers such as Saudi Arabia, Iraq and Russian Federation can compensate for lost supply. That will be the last meeting before the November U.S. midterm elections.

The prospect of USA sanctions hitting Iran's roughly 2 million barrels per day in crude exports from November, when the rest of OPEC has limited spare capacity, has helped oil stay well above $70 a barrel since May, when Washington announced it would ditch an global nuclear agreement with Tehran. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas. Iraq set a new record for oil production in August.

"I think Saudi Arabia is comfortable with the prevailing price until its customers are not", said Matt Reed, vice president of Middle East consultancy Foreign Reports.

Trump's tweet comes about two months after a similar tweet in July, in which he also called OPEC a monopoly and tacitly threatened to withdraw United States support.

Trump said: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices".

So, as the coalition prepares to meet again on Sunday in Algiers, ministers and delegates will be sure to keep an eye on Twitter as they discuss how to implement their agreed 1 million b/d production rise and whether to make permanent their market management deal beyond its expiry at year-end.

Among the countries capable of increasing production beyond current levels, Saudi Arabia and Russian Federation hold about three quarters of the spare capacity, according to Bloomberg calculations using data from the International Energy Agency.

"The last thing that he is going to want to have happen is diesel prices and oil prices hitting highs when people are going to the voting booth", Zahir said.

Trump has imposed sanctions in response to Iran's nuclear program that are to go into full effect on November 4. In the last two weeks, he has also met Novak and his US counterpart Rick Perry. "Novak has done what he could do to help Perry, Al-Falih not yet".



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