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"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump tweeted.

U.S. President Donald Trump again accuses the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday. Some members should remember that the United States is defending them for little reciprocal benefits, he added. He added, "This must be a two way street".

Top exporter Saudi Arabia told Opecit raised oil output by nearly 500,000 barrels per day last month, Opecsources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices. Moreover, Obama was able to do this without increasing oil prices because a surge in USA shale oil drilling more than offset lost Iranian exports.

OPEC, together with a group of non-OPEC producers led by Russian Federation, reduced output in 2017 to prop up the market.

Saudi Arabian Oil Co., also known as Aramco, lowered August prices for light oil to Asia by 20 cents to $1.90 a barrel above the Middle East benchmark, according to Bloomberg. "He has agreed!" Trump tweeted early on Saturday.

"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.

In late morning trading Thursday, the price of the worldwide benchmark Brent grade of crude oil was little changed at $77.85 a barrel.

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US crude inventories probably declined by 5 million barrels last week, according to a Bloomberg survey. While Saudi Arabia is facing mounting pressure from Trump to do more, America's oil sanctions on Iran and trade frictions with China are adding to uncertainties with planned US tariffs on Chinese goods set to start Friday. The price of diesel fuel used largely by truckers was $3.17 a gallon, up 30 percent from a year ago, AAA said.

Looming larger over markets is the U.S./China trade dispute.

USA budget analysts generally look at the impact of tax changes over a ten-year period ("Estimated budget effects of the conference agreement for HR 1", Joint Committee on Taxation, Dec. 18, 2017).

The inventory report also showed an increase in imports, which "provided some relief.and showed that even with the Syncrude situation, all is not lost", Kilduff said.

The U.S. government is lobbying Iranian oil importers, including China and India, and "asking them to go to zero, absolutely yes", according to a U.S. If so, such a boost would be significant for the country's oil production, which hit 10.03 million barrels per day (bpd) in May. Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

The recent strength in oil prices has, in part, been spurred by a United States announcement that it plans to re-introduce sanctions against Iran, Opec's third-largest producer, from November, targeting oil exports.


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