Iranian OPEC Minister Begs Trump To Stop Tweeting

Iran's OPEC governor Hossein Kazempour Ardebili

USA crude futures slipped on Thursday after data showed an unexpected 1.3 million-barrel build in crude inventories. (So it's unclear how much effect Trump's morning tweet will have anyway.) On top of all that, Trump's decision to sanction Iran's supplies, and his generally hardline stance against the country, add to market worries. The oil boss also accused Trump of fomenting tensions in the Middle East, specifically by pitting Iran against Saudi Arabia.

Responding to Trump's demands, Ardebili argued that the U.S.is to blame for imposing sanctions on OPEC members.

FGE said the U.S. government may grant some waivers to allies that are particularly reliant on Iranian supplies and that some Iranian oil would also be smuggled into global markets. "But there is no conviction about the next direction for prices yet".

Libya's National Oil Corp (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in 850,000 bpd of supplies being disrupted.

An executive from China's Dongming Petrochemical Group said he expected Beijing to soon impose the tariff on USA oil imports.

Benchmark Brent crude oil was up 50 cents at US$77.80. Brent crude was trading at 78.05 a barrel at 4pm UAE time on Tuesday.




Additionally, gasoline stockpiles fell by 1.5 million barrels for the week, but distillate stockpiles were up by 100,000 barrels for the week, according to the EIA. Data from the Energy Information Administration is due Thursday, published a day later than normal because of the Independence Day break. This news was generally thought of as bearish because traders had been pricing-in a 4.4 million barrel decline.

Iran's Oped governor, Hossein Kazempour Ardebili, had earlier on Thursday urged Trump to stop tweeting about oil, saying his missives were backfiring and driving prices higher. This must be a two way street.

"As far as the geopolitical posturing via twitter or official statements, I think the market is taking them in stride for now", Tchilinguirian said.

"You are hammering on good guys in OPEC". Saudi Arabian Oil Co. will change its Asia crude pricing benchmark by replacing Platts' Oman assessment with the Dubai Mercantile Exchange's Oman futures from October 1.

An oil pump jack is seen at sunset near Midland, Texas, U.S., May 3, 2017.

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