Iran Minister Describes as Ruinous OPEC Agreement

Oil prices fall amid surprise growth in U.S. crude stocks

Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

Trump's tweet pushed oil prices lower, with the price of West Texas Intermediate crude oil - the U.S. benchmark - falling from $71.28 per barrel to a low of $70.86, a drop of around 0.58%.

After 29% annual growth in 2017, net oil export revenues of OPEC members are expected to rise again by 30% to $736 billion in 2018, the US Energy Information Administration (EIA) estimated. Earlier this month, Saudi shipments into the USA reached a four-week average of 1 million barrels a day for the first time since late 2017, according to government data.

The fears of lack of supply from Iran and then Saudi Arabia happy to see oil at $80 sent it moving higher.

Continuing declines in supply from Venezuela and Iran remain the main reason for rising crude oil prices.

US crude inventories fell last week for the fifth straight week by 2.1 million barrels, according to the Energy Information Administration's weekly data reported on Wednesday.

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Iran's oil production is likely to drop as USA sanctions kick in beginning November.

Crude inventories fell by 2.1 million barrels in the last week, compared with analysts' expectations for an decrease of 2.7 million barrels.

He has consistently complained that oil prices are too high.

OPEC members will meet this weekend with non-OPEC producers such as Russian Federation to discuss production levels.

Pressure on Iran has intensified since U.S. President Donald Trump pulled out of the diplomatic accord that Barack Obama negotiated to curtail Tehran's nuclear program.

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The news that OPEC may increase production by a half-million barrels quickly quelled those concerns.

Speaking of oil, recently oil prices were increased by 1.6% in the USA, as the US stocks fell by 5.3 Million barrels.

Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers' forum that supports US policies hostile to the government in Tehran. There was increase in the USA crude futures with $1.12 i.e.by 1.6%, which settled at $70.37 a barrel. Refineries were running at 95.4% of capacity, with daily input averaging 17.4 million barrels a day, about 442,000 less than the previous week's average.

According to the minister, oil at $80 a barrel is a "suitable" price. Exports of refined products rose by 363,000 barrels a day last week to 5.22 million barrels a day.

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