Oil Falls As Trump Tweet Blasts OPEC

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Crude futures turned lower Friday after President Donald Trump suggested in a tweet that OPEC is keeping oil prices artificially high and said he would not accept that. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!" Trump tweeted. Maybe it was a long week for WH, but this something one should tweet on Friday 

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Just now, 李伟王芳 said:

definitely not something to stir up ahead of weekend. this is Monday morning

Well, he is likely referring to OPEC's production level agreement with Russia and other producers put in place last year and set to expire at the end of 2018.

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it is time sensitive :) Representatives from OPEC nations and allied oil ministers are meeting in Jeddah to discuss their agreement to maintain cuts to production in order to keep prices up. 

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US oil companies also want $100/barrel oil prices. He won't get his oil boom unless rates go at least that high.

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$2.95 a gallon here now. A year ago it was around $2.00. Are we winning yet?

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47 minutes ago, Nigerian Price said:

US oil companies also want $100/barrel oil prices. He won't get his oil boom unless rates go at least that high.

Does he forget these people helped him get into office? 

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10 minutes ago, CMOP said:

Does he forget these people helped him get into office? 

A majority of people who voted for him have cars though... and need to drive.

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1 minute ago, J Owens said:

A majority of people who voted for him have cars though... and need to drive.

some people shouldn't vote. And some shouldn't drive

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2 minutes ago, J Owens said:

A majority of people who voted for him have cars though... and need to drive.

I always put $20 in the tank, so the price doesn't bother me at all. I just visit fuel stations more often

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1 minute ago, JohnAtronis said:

I always put $20 in the tank, so the price doesn't bother me at all. I just visit fuel stations more often

in Germany they pay $8 per gallon. I don't see them complaining like the ones from lower 48

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Was it acceptable when they forged the deal back in 2016? It's all price fixing and market manipulation. Was there outrage then? (other than from me?)

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1 hour ago, Nigerian Price said:

Crude futures turned lower Friday after President Donald Trump suggested in a tweet that OPEC is keeping oil prices artificially high and said he would not accept that. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!" Trump tweeted. Maybe it was a long week for WH, but this something one should tweet on Friday 

Isn't that the point of OPEC?

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1 hour ago, Meanwhile said:

$2.95 a gallon here now. A year ago it was around $2.00. Are we winning yet?

I think we should just invade OPEC

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2 hours ago, Nigerian Price said:

Crude futures turned lower Friday after President Donald Trump suggested in a tweet that OPEC is keeping oil prices artificially high and said he would not accept that. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!" Trump tweeted. Maybe it was a long week for WH, but this something one should tweet on Friday 

Wharton degree, you say?

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I've hesitated to respond to this one because no one seems to have the faintest idea why Trump tweeted this about OPEC, or what he even means. It's one of those hanging tweets that just lingers in the air. What was the point of this? Was he just feeling peckish? Or is there a point?

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And what exactly is 'artificial'? Are major cuts in Venezuelan oil production 'artificial' for instance?

Edited by TraderTate

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OPEC needs to have high prices to support the valuation of the ARAMCO offering. They will wait till its sold and then turn up the production without regard for pricing. 

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28 minutes ago, TraderTate said:

I've hesitated to respond to this one because no one seems to have the faintest idea why Trump tweeted this about OPEC, or what he even means. It's one of those hanging tweets that just lingers in the air. What was the point of this? Was he just feeling peckish? Or is there a point?

Maybe it's just fun. (or perhaps the voting public is unhappy with higher pump prices). Bloomberg things he is in fact responsible for higher, not lower, oil prices:

600x-1.png

 

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5 hours ago, Nigerian Price said:

US oil companies also want $100/barrel oil prices. He won't get his oil boom unless rates go at least that high.

I'm not so sure about that. US oil companies are doing just fine at 70. The only people who want 100 oil is renewables and saudi arabia (and saudi arabia only wants it temporarily). $100 oil will surely dampen demand.

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