Connect The Dots: Trump Praises India As It Cuts Iran Oil Import

Petrol price crude oil

OPEC is "ripping off the rest of the world", Trump said in a speech to the UN General Assembly in NY. "Nobody should like it", he said before the U.N. General Assembly in New York City. "We want them to start lowering prices and they must contribute substantially to military protection from now on", he said.

In a speech before the United Nations, Mr Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices. "We defend many of these nations for nothing and then they take advantage of us by giving us high oil prices", stressing, "it 's not good".

Crude prices have also been affected by unexpected disruptions in several countries, including Libya, Nigeria and Venezuela. I'm not totally confident that exports are going to decline by 1 million barrels per day.

President Donald Trump pulled the US out of the nuclear deal between Iran and world powers in May.

The International Energy Agency (IEA) forecasts strong oil demand growth of 1.4 million barrels per day (bpd) this year and 1.5 million bpd in 2019, and said in its most recent report that the market was tightening. "They have put a significant number of barrels on the market since President Trump started tweeting and since the June meeting", said Helima Croft, global head of commodity strategy at RBC Capital Markets.

Less than a week after Trump criticised OPEC for pushing for higher prices, he blasted the group again on Tuesday.

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Oil benchmark Brent traded little changed on Wednesday after rising to its highest in almost four years in the previous session while U.S. crude futures fell as United States' officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran.

Iranian Minister of Petroleum has welcomed OPECs decision effectively rebuffing President Donald Trump's calls for a hike in oil output, saying U.S. empty dream to zero Irans oil exports would not realize.

Saudi Energy Minister Khalid al-Falih told reporters in Algiers that he does not influence prices.

Falih said Saudi Arabia could increase output, but the move is not needed at this time because the markets are already adequately supplied.

Oil prices eased on Wednesday but were still set for a fifth consecutive monthly quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.

"It's no longer about supply only".

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