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Iran's oil minister has hit back at Trump over production demands

Iran's oil minister has hit back at Trump over production demands

Crude-oil prices retreated early Friday and were on track to book a weekly loss for the first time in three weeks, a day after the USA benchmark contract suffered its lowest settlement in more than a week amid signs of rising production in Saudi Arabia and protracted trade tensions between the United States and China, according to monitored reports.

Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and U.S. refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte.

"The OPEC monopoly must remember that gas prices are up and they are doing little to help..."

He has repeatedly urged the Organization of the Petroleum Exporting Countries (OPEC) - which includes key United States ally Saudi Arabia - to raise its production. If anything, they are driving prices higher as the USA defends many of their members for very little $'s.

U.S. West Texas Intermediate crude futures ended Thursday's session down $1.20 a barrel, or 1.6%, at $72.94/Bbl, Kallanish Energy reports. This must be a two way street.

"With contentious midterm United States elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.

Saudi Arabia's objective, revealed at the OPEC meeting in June, has been to stabilise production and prices around current levels.

Park Sung-hyun wins in Illinois-INSIDE
She beat compatriot Ryu So-yeon and Japan's Nasa Hataoka after they finished level on 10 under par at Kemper Lakes near Chicago. Despite a 75 in round two, Korda was still able to climb the leaderboard on Sunday with a 68 for her fifth top 10 of the year.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market.

Trump has urged major buyers of Iranian oil to halt imports by his deadline of 4 November.

"Saudi lowered some of the prices for some of its products to Asia and to Europe and to the U.S. Seems like this is sort of related to Trump tweets", said Stewart Glickman, energy equity analyst at CFRA Research in NY.

Opec members agreed with Russian Federation and other oil-producing allies last month to raise output, despite Iran storming out of negotiations, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

USA crude oil stockpiles unexpectedly rose last week, as imports grew and refineries cut output while gasoline inventories decreased almost double forecasts, the Energy Information Administration said on Thursday.

The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said on Thursday.

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