Oil Prices to Be 'Cheaper' if Trump Stops Tweeting, Iran Official Says

Crude prices are spiking

A steady rise in US oil output will gather pace in the next five years, OPEC said on Sunday, predicting that demand for the producer group's crude will decline despite a growing appetite for energy fed by global economic expansion. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 2.2% at $72.33 a barrel.

"It is critical that we continue to foresee and anticipate changing market supply and demand balances and take proactive actions to avoid conditions that could make [oil] consumers uneasy and anxious".

"After the weekend's meeting, the voices of those who foresee $100 a barrel and compare the current backdrop to the 2007/2008 bull run are getting louder", said PVM Oil Associates strategist Tamas Varga.

However, high gasoline prices for USA consumers could create a political headache for President Donald Trump, who on Thursday called again on OPEC to boost supply.

"We protect the countries of the Middle East", added Mr Trump.

A decade ago, Brent crude surged to almost $150 a barrel, only to crash just months later as high fuel prices and the global financial crisis triggered a slump in demand.

Members of the Organization of the Petroleum Exporting Countries and major producers like Russian Federation decided against increasing global production at a meeting in Algiers over the weekend. Bank of America Merrill Lynch joined JPMorgan Chase & Co.in anticipating higher prices down the line - the former expects crude to reach $95 a barrel in the first half of next year.

Farrow: ‘Senate Democrats Came Looking’ for Second Kavanaugh Accuser
Trump to cameras at the United Nations . 'I know that's not what I wanted, even in that state of mind, ' she said. Kavanaugh is President Trump's choice to fill the vacancy on the U.S.

Iran's production "is going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced", Luckock said at the Appec event.

Longer-term, oil demand is expected to increase by 14.5 million bpd to reach 111.7 million bpd by 2040, slightly higher than last year's forecast.

Sunday's meeting in Algiers brought together OPEC oil ministers and non-OPEC signatories to the 2016 agreement, as they seek to extend their cooperation.

US crude exports may rise to 5 million barrels a day by 2025 from 2 million barrels a day in 2018, Thomas Waymel, president of trading and shipping at Total SA, said. USA crude futures (CLc1) rose 20 cents to $72.28 a barrel, close to the highest since mid-July.

The lack of an immediate response to Trump's demand adds to speculation about the group's ability, or willingness, to push oil down from near $80 a barrel.

Of course, the OPEC member most eager to take a stab at Trump was Iran, and Hossein Kazempour, OPEC representative for the Islamic Republic, did so by telling media that the brash billion aires incendiary tweets "are doing actually is [leading to] higher prices because the fundamentals even do not warrant this level of prices".

"OPEC is struggling to battle through a flawless storm of strong demand and bigger-than-expected supply losses", said Daniel Hynes and Soni Kumari, Commodity Strategists at ANZ Bank last week.

Related news:

Hot News

isis-killer-beheading-video-story-top Roger Federer HIT by Novak Djokovic
Sep 26, 2018 - 12:36
Federer kept up the pressure to break in the first game of the second set and continued to dominate from every area of the court. If points are 12-all on Day 3, a doubles set with a tiebreaker will decide the Laver Cup champion.

isis-killer-beheading-video-story-top Former Bush Administration Official Stands By Brett Kavanaugh's Accuser
Sep 26, 2018 - 08:16
She also initially expressed uncertainty to the New Yorker but somehow became certain enough to go on the record six days later. Kavanaugh's march toward Senate confirmation has been rocked by allegations of decades-old sexual improprieties from two women.

isis-killer-beheading-video-story-top Trump's tariffs on $200b of Chinese imports kick in
Sep 25, 2018 - 03:27
Beijing's vice premier Liu He was proposed to meet with the Trump administration in Washington to have mid-level trade talks. The move prompted China's President Xi Jinping to lash out with a further £45 billion (US$60 billion) on U.S. products.

isis-killer-beheading-video-story-top Jose Mourinho 'blasted Paul Pogba in dressing room after Wolves draw'
Sep 25, 2018 - 03:25
Paul Pogba has laid into his teammates after Manchester United home draw with Wolves this weekend. I like the feeling of the knockout: you win you are in the competition, you lose you are out.

isis-killer-beheading-video-story-top Modric hoping to complete Federation Internationale de Football Association and UEFA double at Best Awards
Sep 25, 2018 - 03:08
Real Madrid shot-stopper Thibaut Courtois has just picked up the FIFA Goalkeeper of the Year award. Mohamed Salah does not deserve to win the 2018 Fifa Puskas Award, according to Twitter.

Russian Federation to send newer, S-300 missile defense systems to Syria
Sep 25, 2018 - 02:36
Israel regularly carries out strikes in Syria against Assad's government, its Lebanese ally Hezbollah and Iranian targets. But, the Russian Defense Ministry on Sunday accused Israel of using the hotline to mislead Russia about its plans.

isis-killer-beheading-video-story-top Chiefs’ Justin Houston Insists Jimmy Garoppolo’s Knee Injury Was His Own Fault
Sep 25, 2018 - 02:28
Chiefs linebacker Justin Houston noted the injury after the game and said it's hard to see quarterbacks taking such chances. To add insult to injury, Garoppolo took a vicious hit immediately after the apparent knee injury.

isis-killer-beheading-video-story-top Boos bombard Vikings in home loss to Bills
Sep 24, 2018 - 21:56
The Bills pass rush continued to apply incredible pressure with Kyle Williams sacking Cousins on 3rd and 1. His high-priced veteran counterpart, Kirk Cousins , committed three turnovers, including two fumbles.

isis-killer-beheading-video-story-top Latest Updates on Sub-Tropical Storm Leslie, Kirk
Sep 24, 2018 - 21:54
Kirk was packing sustained winds of 35 miles per hour and its westward motion was expected to accelerate through Tuesday. Kirk is packing 40 miles per hour sustained winds and its westward motion is expected to accelerate through Tuesday.

isis-killer-beheading-video-story-top Dallas police fire officer who fatally shot man in his own apartment
Sep 24, 2018 - 20:55
Police had been criticised for not immediately identifying the officer that killed Jean, who the mayor called a "model citizen". The case will be presented to a grand jury, which will decide whether to indict Guyger for manslaughter or a different charge.

isis-killer-beheading-video-story-top US Deputy Attorney-General Rosenstein expected to leave job
Sep 24, 2018 - 19:15
If he's removed it could be the precursor to Trump maneuvering to put an end to the investigation. That job will now likely fall to deputy Attorney General Noel Francisco .

isis-killer-beheading-video-story-top Chelsea duo back for Liverpool clash? Sarri gives injury update
Sep 23, 2018 - 20:46
Anderson was replaced by Robert Snodgrass for the last 16 minutes as the chances became more sporadic for the home side. Felipe Anderson was quick to seize on a loose ball and played in Antonio, who blasted over with his left foot.

isis-killer-beheading-video-story-top Tiger in pole position to end victory drought at Tour Championship
Sep 23, 2018 - 20:41
Rose, in his debut at No. 1 in the world, played in front of Woods and could hear all about it with an enormous gallery. Woods carded a 5-under par 65 in the third round Saturday after making birdies on six of the first seven holes.

isis-killer-beheading-video-story-top China won’t weaken currency, premier says
Sep 23, 2018 - 20:26
In China, this front-loading of exports helped push China's trade surplus with the U.S.to a record in August. Beijing's answer so far: to prepare retaliatory tariffs on $60 billion worth of US goods, despite Mr.

isis-killer-beheading-video-story-top Ferguson returns to Manchester United after brain surgery
Sep 23, 2018 - 17:29
But Sweden global Lindelof admitted that it was a clinical touch in the final third of the pitch that cost the team this time. Wolves , by the way, they faced the game, I think they deserve it".