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Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

06 July, 2018, 03:27 | Author: Shawna Walton
  • India’s oil imports from Iran surged after US sanctions were lifted in 2015

Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

US West Texas Intermediate (WTI) crude futures were down 16 cents, or 0.2 percent, at $73.98 per barrel.

USA crude inventories fell by 4.5 million barrels to 416.9 million barrels in the week to June 29, the American Petroleum Institute (API) said on Tuesday.

In June, Iran's crude oil exports stood at 2.280 million bpd, and condensate exports were 330,000 bpd, Iran's oil ministry news service Shana reported earlier this week.

This time around, the US sanctions and the tough USA approach to try to cut off as many Iranian oil barrels as possible have spooked banks, insurers, and shippers, who have started to wind down business with Iran for fear of coming under secondary sanctions.

In a follow-up Twitter message on July 4, the president said that "the United States defends many of those countries for very little $'s".

"REDUCE PRICING NOW!", Trump tweeted on Wednesday, accusing OPEC of "doing little to help" lower pump prices.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in US gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour said. Trump wrote on Twitter on Independence Day. In late morning trading, the price of the global benchmark Brent grade of crude oil was little changed at $77.85 a barrel.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to U.S. sanctions. He added, "This must be a two way street". For many households, the gains from cuts passed a year ago have been offset by the rise in oil prices since 2016.

"They have to put out another 2 million barrels in my opinion", he said in the July 1 Fox interview.

Iran is OPEC's third biggest oil producer, and other OPEC members range from Iran, Saudi Arabia, Kuwait and the United Arab Emirates in the Middle East to Venezuela and Ecuador in South America.

"If they want to stop Iranian oil exports, we will not allow any oil shipment to pass through the Strait of Hormuz", Ismail Kowsari, an Iranian Revolutionary Guards commander, told Iran's Young Journalists Club, Reuters reported.

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