Oil prices fall as Saudi, Russian output rises

The U.S. isn't a member of OPEC, a cartel that's anathema to the free-market capitalism of the world's biggest economy.

Saudi Arabian Oil Co., also known as Aramco, lowered August prices for light oil to Asia by 20 cents to $1.90 a barrel above the Middle East benchmark, according to Bloomberg.

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

Q: What does Trump want from OPEC? That's led to higher prices at gasoline pumps in the U.S.as it heads toward midterm elections for Congress. It sought to cut term volumes from Saudi Arabia for a third month in June after increasing purchases from the US, raising the risk of a bidding war as competition for American grades intensified.

US President Donald Trump sent a message on Twitter that he asked Saudi Arabia to increase oil output by 2 million barrels because "prices to (sic) high".

Trump was referring to OPEC's decision to raise output together with its non-OPEC allies by around 1 million barrels per day, although since then Saudi Arabia has pledged to raise production to a new record. USA oil prices jumped 8 percent last week.

President Rouhani also reaffirmed his country's stance on Iran nuclear deal known as JCPOA after USA withdrawal, saying that Tehran would stay in the deal as long as its interests are preserved.

The Kingdom is OPEC's (Organisation of Petroleum Exporting Countries) biggest member and analysts say raising output will be hard.

Q: How is Trump different?

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Saudi Arabia's state-run oil giant cut its prices on Thursday for first time since February after President Donald Trump lashed out at OPEC for rising USA gas prices.

Oil prices fell more than 1%, but held close to three-and-a-half year peaks. USA politicians haven't succeeded in passing the NOPEC bill despite several attempts since 2000.

But as Saudi Arabia adds barrels before its customers get burned, prices have jumped.

There are two key takeaways from the most recent exchange between the world's largest consumer and the world's swing supplier.

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports. The hard line taken by the Trump administration towards Iran is disrupting calculations and the overall balance of an already over stretched market.

Q: How are OPEC members reacting to Trump's intervention?

Trump has been complaining about OPEC at the same time that Washington is piling pressure on its European allies to stop buying Iranian oil.

Even with an increase in production by the likes of Saudi Arabia and Russian Federation, oil supply is likely to stay largely static because of falling production in Venezuela and worldwide sanctions on Iran.

(Copyright © 2015. All Rights Reserved.)
 
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