Trump Renews Attack On OPEC Ahead Of Group's Production Meeting

U.S. President Donald Trump said on Wednesday oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month. Oil prices have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce excess supply. Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output.

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Of course, try destabilising the Middle East again - it works wonders on oil prices.

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OPEC's members are manipulating and raising oil prices  OPEC is mainly driven by Saudi Arabia and their mission to control the entire region.The sooner we divest from Saudi oil and Middle East dependence, the better! 

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And don't forget: withdraw from the Iran nuclear agreement is creating instability in the oil market. 

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Someone needs to get OPEC to quit lining their pockets so much. They purposely reduce output to drive prices up. 

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Impossible to control OPEC. You have years and years until that's economically feasible. Most of our economy runs off of heavy vehicles powered by diesel as well, there is no good alternative available yet..

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All the more of a reason to get started investing in alternative energy now, it's a time.

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9 minutes ago, Richard Burley said:

Greetings everyone! 

 

 

@Richard Burley Welcome!

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Just joined. I run an executive search firm focused on commodities -- Commodity Talent LLC. Seeking feedback about whether it's OK to post searches we're working on. 

Cheers, 

 --George

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Hi there, folks! I'm new to the group. It's gonna be great collaborating with other professionals in the same industry.

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Prices will go up in the long run simply because oil and gas is a non-renewable energy source and as we keep consuming it, it gets depleted. Nevertheless, in the short run there will always be ups and downs due to current economic factors with demand and supply being the most important ones. US has also shown no stops in its shale production and this excess supply keeps filling up gaps from the lower production from some opec countries.

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It's simply cyclical. Look at the trends over the past 40 years at least. Long term demand for hydrocarbons goes up despite renewables and the reduction in demand in the west due to tax and fuel efficiencies. And of course high tech industries, especially weapons manufacturers, benefit from higher sales in oil producer countries. Witness Trumps visit to Saudi Arabia last year and the resulting arms deals.

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Welcome @VINOD @Fauzan Ashri!

I encourage you to post your second comment and introduce yourself within the thread below! 

Great to have you on board.  

 

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I'm looking to keep abreast of the new technology out there as I'm currently trying to re-enter the industry!

Hope being in this community helps.

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@SSolomon Look forward to having you within the community. 

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9 hours ago, Petar said:

Impossible to control OPEC.

 

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