Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

U.S. President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!” Trump’s fresh intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday. His complaint follows signals from Saudi Arabia that it was content to see prices climb above $80 a barrel. That’s been a red line for the White House in the past, provoking the president to direct his first social-media barb against the cartel since July 4. 

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The price of oil is now up 8% in the last one month and 17% for 2018

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This market manipulation must end.

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1 minute ago, rainman said:

This market manipulation must end.

agreed... Russia OPEC and non opec are limiting output and manipulating for gain. Even they understand demand destruction though... Even i would buy a EV car when i can afford one and tech becomes better if oil isnt competitive...

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 Just like the 70s crises. Separate prices for import and domestic oil.

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Drain the swamp....pockets of consumers are near the lowest level. Last thing we need is $80 per barrel or higher...

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(edited)

Saudi, Russia, Iraq etc. are all producing near their all time high. The spike in oil prices is not happening because they are withholding supply.

 

Edited by Jon#2
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(edited)

1 hour ago, Jon#2 said:

Saudi, Russia, Iraq etc. are all producing near their all time high. The spike in oil prices is not happening because they are withholding supply.

 

Trump's tweet is aimed at American voters not OPEC. He is trying to make them think he is on thier side against the nasty OPEC countries when in reality he needs those very coumtries to help fight the upward pressure on oil prices due to HIS sanctions on Iran. It's sad to see politics lowed to such dumb levels by a cretin

Edited by jaycee
update

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2 hours ago, Jon#2 said:

Saudi, Russia, Iraq etc. are all producing near their all time high. The spike in oil prices is not happening because they are withholding supply.

 

So why the spike ??

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And why is trump screwing Iran with sanctions knowing full well oil prices may rocket November ??

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Lol trump is the reason for higher oil prices by putting sanctions against Iran.

Honestly, by how the market reacts, if trump wants lower oil prices, he should just tweet every week that oil is too high.

5 straight weeks of crude draws, lowest crude levels in 3.5 year, US exports up by 2.5 million barrels a day, we see a climb in WTI of $1.5

Trump complains about oil prices, $1 drop 😂😂

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Blah ha ha ha! I love Trump!  Tillerson baby had it correct.  That said this guy is so easy to predict and is making me a lot of money.  The Sauds are giving the mad king lip service with the hope his head pops off and we bomb Iran.  For the most part both the Sauds and Russia are already maxed out.   I believe they will pull a Trump.  Trump:' I really want to testify but my lawyers will not let me'.  Sauds: 'We really want to increase productions by Iran vetoed us'.  Bolton in his mind: When can we destroy Iran? Trump thinking: After the elections.  Sometimes I think I am a cookie jar!  Pense: Soon Soon!  Democrats: We love trump, best recruiter ever.  Republicans: How do we get Pense as president?

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33 minutes ago, J S said:

Blah ha ha ha! I love Trump!  Tillerson baby had it correct.  That said this guy is so easy to predict and is making me a lot of money.  The Sauds are giving the mad king lip service with the hope his head pops off and we bomb Iran.  For the most part both the Sauds and Russia are already maxed out.   I believe they will pull a Trump.  Trump:' I really want to testify but my lawyers will not let me'.  Sauds: 'We really want to increase productions by Iran vetoed us'.  Bolton in his mind: When can we destroy Iran? Trump thinking: After the elections.  Sometimes I think I am a cookie jar!  Pense: Soon Soon!  Democrats: We love trump, best recruiter ever.  Republicans: How do we get Pense as president?

JEEZ JS  what have you had 2 eat?

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19 hours ago, The Lancer said:

agreed... Russia OPEC and non opec are limiting output and manipulating for gain. Even they understand demand destruction though... Even i would buy a EV car when i can afford one and tech becomes better if oil isnt competitive...

To quote our friend @William Edwards, "you can't put 10 gallons of oil in a 5 gallon bucket".

To wit: They are not limiting output, because if they were then someone, somewhere, would not have enough oil/gas and there have been no reports of that.  No gas station queues, no factory shutdowns, nothing.  The other end of that spectrum is that they would be over-producing for no reason.  Customers order the oil they need, regardless of the source(s), and the supplier(s) deliver.  That is the situation we have today.

All price fluctuations are nothing more than a product of hype, fear and greed.  By the media as influenced by the traders.  That means the people who are trading the futures contracts are setting the prices and betting against one another and the media does their part to assist.

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15 hours ago, Steve Hewgill said:

So why the spike ??

Too little investsments in the oil sector to meet the increasing demand from Asia. The icing on the cake is of course the sanctions on Iran.

The scary thing is that its in the long term supply where Investments have been cut the most, so I think this is only going to get worse. Especially when the IMO regulations kick in after 2020.

People say that increasing oil prices will cause demand destruction, and yeah thats kinda the point. Because there will not be enough supply to meet the future demand at current prices. The question becomes how high does the oil price have to get to cause enough demand destruction? The oil price is known for its low price elasticity so who knows really.

 

I probably sound way to sure of myself and there is maybe other factors that makes this picture to simplistic. But this is the viewpoint I`ve held for the last couple of years and I am sticking to it until i see some significant change(stronger regulations, breakthrough technology, a new financial crisis etc.).

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15 hours ago, Steve Hewgill said:

And why is trump screwing Iran with sanctions knowing full well oil prices may rocket November ??

Read my answer to another comment.  It's all trader and media manipulation.  Find an event or seemingly relevant news and hype it to meet your desired prices.

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the saudis are saying they're completely comfortable with oil at $80

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(edited)

4 hours ago, Dan Warnick said:

All price fluctuations are nothing more than a product of hype, fear and greed.  By the media as influenced by the traders.  That means the people who are trading the futures contracts are setting the prices and betting against one another and the media does their part to assist.

Please forgive my bad form for replying to my own comment, but I felt one more point needed to be made here.

As for the Saudis stating that $80s oil works for them, they are simply stating the obvious.  They are also stating that they really have no control over the price so if it goes over $80, so be it, works for them.

Does anyone recall what the price of oil was the last time Trump called on the Saudis and Russia to increase production because the prices were too high?  It was just before an OPEC meeting and as usual Iran fought hard against it.  Haven't prices actually risen since then?  If that is correct, then it would also show that Trump does not have much effect on the price of oil either.  Even though he delved into the Strategic Reserves at one point, the price went up.

Edited by Dan Warnick

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yes, i agree ultimately, neither of them can sway price by tweeting--beyond an immediate market response that is only fleeting

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Trumps tenants need to start bitching about the increasing rent too, I keep hearing him bitch about the cost of oil going too high and being hard on the American worker, but I am assuming his rents go up at every opportunity. He just can't understand what the higher oil prices mean to the oilfield  community, JOBS. LOTS OF JOBS, for Americans, and not just crappy minimum wage jobs either, jobs that support entire communities, give healthcare to families, and bring cash flow to small towns as well. I just wish someone would explain this to him so he would shut up about it. 50 cents a gallon(possible) shouldn't really mean crap to anyone, a 20 gallon tank would mean 10 bucks difference, and if the fuel your vehicle is consuming is too much, then realistically you can't afford that vehicle. Get a small car. I bought a base Mustang because I was doing a long commute and my truck was averaging about 17.5 MPG, so I did something about it and got something a lot more fuel efficient for the commute. The people shouldn't be bitching about the cost of fuel, it is by choice that we drive what we drive......

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And anyway, it is none of his business. I voted for him, not because I loved him so much but to keep SATAN from becoming president of our country. I firmly believe that if Clinton were president we would all have been sold into slavery by now to further her monetary agenda....lol

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