Iran tells Trump to stop tweeting about oil prices

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In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase oil output by up to 2 million barrels, an assertion that the White House rowed back on in a subsequent statement.

Hossein Kazempour Ardebili was quoted by the oil ministry's website Thursday.

However, oil prices have shot up and Trump, anxious about the impact on United States voters ahead of November midterm elections, is appealing to the Saudis for help. Weekend discussions with Saudi Arabia, the de facto leader of OPEC, led to pledges from Riyadh to ensure the market was stable given lingering concerns about supply deficits. Trump tweeted the group is "doing little to help" reduce gasoline costs and "if anything, they are driving prices higher". "REDUCE PRICING NOW!" Trump concluded the tweet.

Looming U.S. sanctions on Iranian crude exports, force majeure in Libya and unplanned pipeline outages in Nigeria have been clouding the supply outlook despite rising output by the Organization of the Petroleum Exporting Countries.

USA crude was bullish after official data on Thursday showed inventories at Cushing, the delivery point for US crude futures, fell to their lowest in 3-1/2 years.

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OPEC and Russian Federation said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya. "The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in USA gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour Ardebili said.

"OPEC has not defined oil prices for the past 30 years", Kazempour continued.

The global benchmark slipped 23 cents, or 0.3%, to US$78.01 a barrel at 2:05pm in London. After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon.

Financial institutions and experts have also pointed to Trump for driving up global prices.

Oil was mixed on Friday, with short-covering pushing up US crude futures while Brent slipped on global trade tensions and increased Saudi production.

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"OPEC's biggest oil producer at around 8-10 million bbl/day - has now been signalling for some time that it will likely make more oil available, the forthcoming float of state-owned Saudi Aramco is likely to remain a high priority".

Investors can bet on various aspects of an option, from the premium to the price to how much that option might move.

"Investors are cautious since no one knows to what extent the Iranian sanctions will impact the market, and disruptions globally are taking supplies out faster than expected", said Will Yun, a commodities analyst at Hyundai Futures in Seoul. Find us on Facebook too!

Maloney said that "Trump's uncompromising sanctions enforcement will deepen Washington's falling-out with allies in Europe".

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

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Even so, renewed United States sanctions on Iran against its oil exports look set to tighten supply further. However, the worldwide oil body's spare supplies are limited and "will not be enough if supply is additionally reduced by outages elsewhere", the bank said.