Iran tells Trump: Stop tweeting, it's driving up oil prices

Share

Mr. Trump tweeted Wednesday: "The OPEC Monopoly must remember that gas prices are up & they are doing little to help". His latest was a reminder that the United States defends many OPEC members for "very little" money.

Oil prices have been rocked by recent comments from President Donald Trump. This must be a two way street.

"One factor behind the drawdown has been US crude exports, which have shot higher to help fill the void left in Europe and Asia by the voluntary and involuntary reductions from OPEC producers", he said in emailed remarks.

It pits one of his key foreign policy initiatives ("tough on Iran") against one of his most important domestic economic policies (the tax cuts), and the level of cognitive dissonance evident in these increasingly shrill OPEC tweets is so remarkable that one certainly imagines even the most gifted psychiatrists would struggle to dissect it. "Please stop this method", he said, according to the oil ministry news agency.

Foreign ministers from the five remaining signatories of a nuclear deal between Tehran and world powers will meet Iranian officials in the Austrian capital to discuss how to keep the accord alive after the USA withdrawal from the pact. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

More news: Trump Administration Prepares Bill Allowing US to Circumvent WTO Rules

"We have informed our oil customers that we will only buy their commodities if they buy our crude", Gharekhani said. OPEC is doing something to help with its recent agreement to raise production by almost the entire amount of its spare - or idle - capacity. Together they regulate the supply of oil that reaches the market from them to manipulate its price. "We are protecting those countries, many of those countries", he said.

So maybe Trump can drive down oil prices by engineering a global recession. The U.S. average for a gallon of regular unleaded was $2.86 as of Thursday, with Louisiana below that rate at almost $2.58, according to the American Automobile Association.

Meanwhile, US crude oil production has soared by 30 percent in the last two years, to 10.9 million bpd.

High prices hurt motorists and oil consumers across the country. The 20-cent reduction was the first cut in four months from the highest since July 2014 and matched expectations of four traders in a Bloomberg survey. Plus, a report today from data-provider Genscape Inc. was said to show Texas Gulf Coast crude stockpiles rose by about 431,000 barrels last week.

Share