Trump tells OPEC to lower oil prices

Trump departs the White House for a trip to Miami Florida in Washington D.C

USA crude futures extended gains after the report, rising 86 cents to $70.72 a barrel by 10:53 a.m. EDT [14:53 GMT]. While by no means overwhelmingly positive, supply has rebounded millions of barrels from the releases of last Tuesday/Wednesday. In its previous communications, OPEC had argued that global inventory levels had fallen to 5-year averages which justified increasing production.

Trump is moving ahead with sanctions against Iran that are already curbing their exports ahead of formal reimposition in November.

Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels.

Benchmark Brent crude LCOc1 was up 20 cents at $79.60 by 0740 GMT, its third day of gains.

He said, "They're not huge threats.markets all around the world are going down, and USA markets are going up".

For the Saudis, it's a question of balancing Trump's demands against the impact of American sanctions on Iran and the effect of emerging-market turmoil on oil demand growth, according to people familiar with the kingdom's thinking.

Iran said on Thursday vowed to veto any decision by the Organization of the Petroleum Exporting Countries (OPEC) and its non-member allies seeking to harm Tehran's interests.

He has consistently complained that oil prices are too high.

"Investors are now assessing the Saudis' mixed message on oil prices versus its earlier pledge to increase output", said Hong Sungki, a commodities trader at NH Investment & Securities Co.in Seoul.

Falih met with Russian counterpart Alexander Novak last weekend to align their positions, with the two ministers saying in a joint statement that they remained committed to "ensuring the adequacy of oil supplies, especially considering market uncertainties on the horizon".

By beating Russian Federation and Saudi Arabia, the United States of America this year has become the topmost crude oil producer.

Industry sources familiar with Saudi oil plans say state energy giant Aramco can raise output quickly to 11 million bpd, but reaching 12 million bpd could take up to six months. After starting the year around $60 a barrel, USA oil prices raced above $74 this summer. Many buyers have already scaled back Iranian purchases, and it was unclear how easily other producers, such as Saudi Arabia, Iraq and Russian Federation, can compensate for lost supply.

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