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While the price of crude regularly rises to $ 80 per barrel, President Trump again criticized Thursday OPEC: "Prices continue to climb while the United States spend billions to protect oil producing countries.
"We are protecting the countries of the Middle East, they would not be safe for long without us, and yet they continue to push for ever higher oil prices! We will remember. The monopoly of OPEC must bring down prices now! "Trump tweeted in his last speech against the cartel.
Prices fell slightly after the president's attack, with Brent crude falling 0.77% to 78.31 dollars per barrel at 12:45, according to oilprice.com, which tracks world prices.
Pump prices have risen since Trump took office, with the average price of all categories rising from $ 2.45 in January 2017 to $ 2.67 a year later to $ 2.91 in August, up from $ 2. , $ 98 in May. summer travel season, according to government data.
The commander-in-chief has denounced OPEC's rise in crude oil prices, attributed to a number of factors, including the reduction of Iranian production against US-led sanctions against the regime.
"The monopoly of OPEC must remember that gas prices are rising and they are not doing much to help. In fact, they are driving up prices because the United States defends many of its members for very little money. It must be a two-way street. REDUCE PRICES NOW! he raged in July.
Thursday's tweet took place just days before non-OPEC and OPEC partners met in Algiers, Algeria, this weekend to discuss the oil markets.
The King of OPEC Saudi Arabia is stuck between the hammer and the anvil, seeking to prevent prices from exceeding $ 80 a barrel before the parliamentary elections while dispelling doubts about his ability to offset the decline in the Iranian supply.
"It's complicated, Saudi Arabia has to balance oil supply and demand, and it has to balance oil prices so that they do not rise too much before the US elections," he said. Reuters a source of OPEC.
"It's also political because the Saudis do not want to pump too much oil while the Iranians complain to OPEC that [Saudi Arabia] take [Iran’s] market share. They also do not want oil prices to go down too much.
In June, OPEC, Russia and some of their allies agreed to increase their production by 1 million barrels a day, after accepting a supply reduction deal since 2017.
The weekend meeting will discuss how to share previously agreed production increases and consider whether the market needs more oil to offset the loss of the Iranian supply and a drop in Venezuelan production.
US sanctions on Iranian oil exports come into effect in November, with the country's supply already at its lowest level in two years.
But while prices have risen, they are not at their record high of $ 143 a barrel in June 2008.
With Reuters
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