Trump again puts pressure on OPEC

29 March, 2019

President Donald Trump told OPEC on Thursday that its members should start pumping more oil, marking his second warning to the producer group this year as crude prices continue to rise. Trump’s latest tweet comes as OPEC and a group of allies led by Russia are cutting production following a collapse in oil prices in the final months of 2018. The output curbs by the so-called OPEC+ group have played a major part in the rebound in the oil market this year.

Oil prices briefly extended losses after Trump’s tweet, but crude futures bounced off session lows and climbed toward’s the day’s highs by mid-morning. “I would say that it is apparent that the oil market has concluded that the OPEC+ group has put President Trump’s Twitter account on mute,” said John Kilduff, founding partner at energy hedge fund Again Capital.

Analysts say pressure from the Trump administration last year — punctuated by a series of Twitter attacks on OPEC — contributed to the producer group’s decision to lift production limits in June. But in recent months, OPEC members have mostly shrugged off Trump’s social media demands. The OPEC+ alliance agreed to a fresh round of production cuts in December, despite Trump calling on the group to keep pumping at high levels. Since January, the group has aimed to keep 1.2 million barrels a day off the market in order to drain oversupply.


Source  
Death Cross growth abroad threaten U.S. dollar

Storm clouds are gathering over the U.S. dollar, threatening a two-year rally in the currency that has squeezed corporate profits and angered...

Will the BoJ and the ECB join the Fed?

Monday is a day off in the American markets due to the Martin Luther King's Day. Because of the holiday, trading on other markets also promises...

More data confirms positive market sentiment

Markets reacted sluggishly to the vote in the US House of Representatives, which initiated the third impeachment of the president in the history of the country...


Risky assets prevail in the markets

The end of the year on the financial markets turned out to be very positive. Asian stock markets ply near multi-month highs; the American markets are...

Most Momentous Rate Decision

The world's oldest central bank stands to be the most significant this month as it pioneers a shift away from negative interest rates. Sweden was among...

OPEC considering deeper cut to oil production

Global oil-producing group OPEC and its allies are meeting in Vienna, with expectations raised over whether the alliance will make further cuts to its output...


Peaked trade optimism?

Throughout the past week, the US dollar has received support after strengthening expectations that the Fed will take an extended break after three consecutive rate cuts...

Russel 2000 doesn't support S&P500 optimism

S&P500 closed Monday at historical highs, adding 0.55% on the day close. Both expected new Fed interest rates cut and possible...

Oil drops on weak corporate data out of China

Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress...