Trump says gas prices are up, OPEC 'doing little to help'

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

Iran's governor for the Organization of Petroleum Exporting Countries said President Donald Trump's tweets complaining about oil prices are only serving to drive prices higher, Bloomberg reported.

Saudi Arabia cut pricing for August sales of its light oil grade to Asia as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following US President Donald Trump's demands that OPEC do more to stabilize oil markets.

On Wednesday, the USA president again accused the OPEC of driving fuel prices higher and urged U.S. allies such as Saudi Arabia to pump more.

"This must be a two way street", his latest statement read. However, summer months in the US usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

Although Iran does not have spare capacity to pump more oil to offset lower oil prices, experts say renewed sanctions mean the country is more interested in tightening the screws on arch-rival Saudi Arabia that prefers higher prices.

In his bid to halt the flow of Iranian oil without raising prices, Trump has urged Saudi Arabia and other OPEC members to increase their output. Prices to (sic) high! "He has agreed!" Trump tweeted early on Saturday.

In addition, a potential fall in Iranian supplies due to US sanctions is a factor too.

US crude futures dropped 90 cents, or 1.2 percent, to $73.22 per barrel as of 11:18 a.m. EST (1518 GMT).

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Kazempour said that Trump is mistakenly attacking some of the "good guys" who are working to boost their output to compensate for Iran, Venezuela and Libya.

USA crude inventories probably declined by 5 million barrels last week, according to a Bloomberg survey. The contract added 20 cents on Tuesday, and there was no settlement Wednesday due to the USA holiday.

While trade concerns may be partly responsible for the decline, the industry was surprised to learn this week that oil stockpiles in the US are getting larger, not smaller.

A blockade of the strait, through which roughly 30 percent of all seaborne oil travels, would have "dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures", Commerzbank said in a note.

US crude stockpiles rose 1.3-million barrels last week, according to data from the US Energy Information Administration (EIA), against analysts' expectations of a 3.5-million-barrel decline.

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.

Despite the key member Saudi Arabia reaffirming that the cartel and its allies will boost output, Goldman Sachs 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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