Iran tells Trump: Stop tweeting, it's driving up oil prices

Donald Trump

President Trump wrote in the tweet that the "Opec Monopoly must remember that gas prices are up & they are doing little to help", and that America defends many Opec members for "very little" money.

If you've noticed that the prices at your local gas stations have been going up and down like a yoyo lately, you can blame it on the fickle price of oil.

On February 10, 2016, the price of oil hit bottom at $26.16.

Trump indirectly linked USA foreign policy to his demand, saying the US defends some oil producing countries "for very little" money.

The market was expecting "higher exports and lower imports, but we got the reverse", said Rob Thummel, managing director at Tortoise, which handles $16 billion in energy-related assets.

"You are hammering on good guys in OPEC", Kazempour said.

Top exporter Saudi Arabia told OPEC it had raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

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Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.

But, so far, that hasn't lowered oil prices, largely because of the turmoil caused by Venezuelan and Iranian oil sectors, as well Libya pulling hundreds of thousands of barrels of oil out of the market as a result of upheaval there. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran.

The reason why prices were soaring recently was the artificially limited supply from OPEC as well as political risk in Iran.

Iranian OPEC Governor Hossein Kazempour Ardebili claimed Thursday Trump's tweets are putting upward pressure on prices.

Trump once again called on OPEC countries to do more to bring down crude prices and linked US foreign policy to his demand, saying the USA defends some oil producing countries "for very little" money. "Please stop it", Kazempour said. The reduction comes a day after Trump took aim at OPEC for rising oil prices, urging the cartel to "REDUCE PRICING NOW!"

Oil Industry experts believe Opec's biggest member can raise output by about 1 million bpd to 11 million bpd and even that would be a tall order in the short term. His message was conveyed by the Iranian oil ministry's news service Shana. Over the last 20 years, rig count went from a low of 1,171 in 1999, to a high of 3,900 in February 2012. "Because the oil market is already in tight supply due to the numerous outages, this would drive worldwide prices (Brent) further up", Commerzbank said in a note. Despite a positive nod from Saudi Arabia and Russian Federation for higher production, the backdrop of poor output from Libya and Canada prompted supply scarcity. Saudi Arabia expressed its readiness to "compensate for any potential shortage of supplies".

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