Trump demands OPEC lower oil prices: 'We will remember'

Trump slams OPEC as oil prices trade near $80 a barrel

President Donald Trump blasted OPEC in a tweet Thursday morning, saying the Middle East wouldn't be safe without US military protection and yet, countries there continue to keep prices high.

However, oil bulls have reacted positively to news reports this week that Saudi Arabia may be open to Brent climbing above $80 a barrel, despite pressure from Mr. Trump.

According to CNBC, oil prices reached over $70 a barrel on Wednesday, showing an increase of 8 percent in just the last month.

"It's also political because the Saudis don't want to pump too much oil then the Iranians complain to OPEC that [Saudi Arabia] is taking [Iran's] market share".

President Donald Trump on Thursday issued a fresh call on the OPEC oil cartel to lower crude prices, saying the United States was providing Middle Eastern energy giants with security. "The OPEC monopoly must get prices down!" he wrote. They also don't want oil prices to fall too much'.

Crude oil prices have been rising over the past year as a result of the Organization of the Petroleum Exporting Countries' strategy to tighten supply.

Under pressure from the US president, the Organization of the Petroleum Exporting Countries, Russia and other allies agreed in June to boost production by 1 million barrels per day, having participated in a supply-cutting deal since 2017.

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Crude prices have been bolstered by declining Iranian crude exports, as the market prepares for the full imposition of US economic sanctions on the Islamic Republic's oil industry at the start of November. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

Fears over supply shortages have boosted crude prices in recent weeks, and global benchmark Brent LCOc1 was trading above $79 a barrel on Thursday.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming US sanctions against Iran, which are set to take effect in November.

OPEC already increased production in August after several years of holding back.

The OPEC slam sent oil prices down slightly, however prices have enjoyed a robust rally this year as production wanes.

Saudi officials believe there is insufficient oil demand so far to justify raising Saudi output much beyond the roughly 400,000 bpd that it has pumped above its 10 million bpd target, OPEC and industry sources told Reuters.

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