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

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President Donald Trump said the Organization of the Petroleum Exporting Countries (OPEC) is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher".

USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014.

"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"

Despite that key member Saudi Arabia is affirming that the group and its allies will boost output, Goldman Sachs Group Inc. warned that oil is likely to lead a new rally as the market faces significant supply risks from Venezuela to Iran.

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This was President Trump's fourth tweet about high oil prices and OPEC in as many months.

In addition to pressing Saudi Arabia to pump as much as 2mmb/d more to an unprecedented 12mmb/d, an amount many doubt the Saudi can maintain for an extended period of time - think Tesla making Model 3s - the Trump administration has also been pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran and six major powers.

Vijay Valecha, chief market analyst at Century Financial Brokers, said the UAE's crude oil production peaked in October 2016 at 3.13 million bpd and has declined since then in line with the Opec production cuts. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

America wants to cut Iran's oil exports to zero by November.

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A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, July 25, 2005.

The early reaction to Trump's tweet was normal. "We will make the enemy understand that either all can use the Strait of Hormuz or no one", Jafari was quoted as saying by Tasnim news agency. Iran, meanwhile, has renewed threats to close a major route for oil in the Persian Gulf.

The leader of Saudi Arabia, OPEC's biggest member, has assured Trump that the kingdom can raise oil production if needed and that the country has 2 million barrels per day of spare capacity that could be deployed to help cool oil prices to compensate for falling output in Venezuela and Iran.

Iranian OPEC Governor Hossein Kazempour Ardebili said on Thursday that Trump had raised oil prices through his tweets. Long story short, he's anxious that higher prices at the pump will eat away at the savings he imagines are accruing to US consumers as a result of the tax cuts.

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