OPEC, Russia rebuff Trump's call for immediate boost to oil output

[DonViejo]

Source: CNBC



Saudi Energy Minister Khalid Al-Falih said Riyadh had spare capacity to increase oil output but no such move was needed at the moment.

Published 1 Hour Ago Updated 1 Hour Ago

OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump's calls for action to cool the market.

"I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters in Algiers ahead of a meeting of OPEC and non-OPEC energy ministers.

Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.

The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to fresh U.S. sanctions.



Read more: https://www.cnbc.com/2018/09/23/opec-russia-rebuff-trumps-call-for-immediate-boost-to-oil-output.html

[watoos]

1. Sounds to me like a good campaign talking point

Trump's Iran sanctions have raised the price of gasoline.

Maybe Trump can give the oil and gas industries a huge subsidy like he gave the farmers just to keep prices down?

I'm not wishing for a big increase in gasoline prices right before the election, but if we get one, I know who I'm blaming.

[groundloop]

3. Remember, Spanky is talking about releasing oil from the US strategic reserve as well

It's pretty obvious he's desperate to have prices drop in the run-up to the election.

[SWBTATTReg]

2. Rump doesn't know how economics operate, in the world of supply and demand...

And what's really sad about this whole picture is that he's finding out that basically, he's powerless to do anything about it. Unfortunately, what he's going to end up doing is doing something that will backfire, like everything else he's done (like the tariffs closing factories and increasing our prices across the board).

No wonder this idiot has declared bankruptcy so many times. Stubborn and ignorant of the facts laid out before him, and a prima donna. The gop has destroyed itself by embracing itself w/ this so called ultimate tea partier. Fact is, I suspect that one day, the gop itself will finally find itself adrift, w/o principals, and wonder what has happened.

[Achilleaze]

4. "Suck it, Dirty Donny*" - OPEC

* aka republican Draft-Dodger-in-Chief

[cstanleytech]

5. Translation: They pointed at him and laughed their heads off. nt

[watoos]

6. You don't mean

that glowing orb and sword dance was just a con job?

[cstanleytech]

7. Everyone with more than two functioning brain cells to rub together knew it was. nt

[KY_EnviroGuy]

8. Trying to temper effects of his tariffs on the economy......

is my bet. Same one man show bullshit as running off all the migrant workers to make employment numbers look good.

.........

[Wellstone ruled]

9. Guess I was paying attention,damn it.

Little over two years ago,Bloomberg on their European Market Program,which airs here at pm pacific,had a lengthy segment on this topic. First was watch for Oil to go to 80 bucks within in two years. And Russia was the key change agent in the reason why. Russia needed 80 dollar Oil in order to keep it's population from over throwing Putin. Reason being,Russia is broke,the Oligarchs are sending Russia's hard currencies out of the Country to Safe Havens.

If you have been following events,notice first it was South America who collapsed first,Oil that was being sold to East Coast Refineries all but stopped,only to be replaced by Russian Heavy Crude as well as some from the North Sea. Next it was Libya who was taken out of the market because of political disruption. Iran picked up the slack on that one. Now we are seeing the so called sanctions being levied on Iran,which by the way has the world's easiest and most available Oil Deposits to pump and bring to market,and who is preventing this,Russia,and the USA.

It's a friggin game. Russia needs Currency,and Donald Trump is helping Putin stay afloat. BTW,we ain't seen nothing yet,the speculators are comping at the bit for 100 + dollar Oil by years end. There are Future Contracts in excess of that price now.

As far as the GOP,they could give a rat's ass what you and I care about,just take care of the Donor Class.

[Farmer-Rick]

10. So, Trump is trying to look like he is attempting to lower ever upward gas prices

But really does nothing of the sort.

Russia needs their high dollar prices so they don't have a revolution. All that money laundering Putin and his buddies are doing isn't to enrich their nation. Siphoning off the wealth of Russia requires skill and gangsters.

But then Trump goes and tells the oil rich nations to cut their prices and everyone snickers. But Trump comes off as a concerned and caring leader who is a bafoon. His worshippers in the GOP think he maybe incompetent but his heart is in the right place.

See Trump does care about the little people. He's just too much of an idiot to be effective...it's not his fault he's doesn't understand economics.