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Saudi Arabia has "significantly" raised crude production to near record levels of 10.7 million barrels a day, Bloomberg reported, citing the country's energy minister. The move comes amid pressure from US President Donald Trump, who has been railing against OPEC and rising oil prices.
Oil prices will ‘certainly’ go above $90 after sanctions on Iran and Venezuela ‘tighten the market,’ says energy and geopoliti...
Iran supply fears will help drive oil "certainly" past $90 and likely above $100 in the coming months, Richard Mallinson, energy and geopolitics expert and co-founder of Energy Aspects told BI. Venezuela "played a really important role in accelerating the shift in the market" as well since 2016
OPEC leader Saudi Arabia and its biggest oil producer ally outside the group, Russia, have pushed back against attempts by US President Donald Trump to reduce the price of oil, announcing on Sunday that there would be no additional price decrease in the near term, Reuters reported.
Trump accuses ‘OPEC monopoly’ of pushing oil prices higher and says ‘they must get oil prices down now!’
"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember," President Donald Trump tweeted on Thursday. "The OPEC monopoly must get prices down now!"
Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.
Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.
Saudi Arabia's state-run oil giant cut its prices on Thursday for first time since February after President Donald Trump lashed out at OPEC for rising US gas prices.
"Please stop it, otherwise it will go even higher!" Iran's OPEC Governor Hossein Kazempour Ardebili said in a statement, according to the country's Shana news agency.
Oil rallied more than 2% on Wednesday as data showed US crude inventories last week saw the largest drawdown in nearly two years.
Oil prices fell Monday after OPEC and other supply-cutting countries led by Russia agreed to gradually ease oil supply cuts that have been in place for nearly two years.