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TRUMP IS NOT FOR REDUCING OIL PRICE, SAY MARKET ANALYSTS

By adopting certain stances against oil price hike and levelling criticism at a number of the exporters of hydrocarbon fuel, US President Donald Trump is pretending that he is siding with reduction in crude value, according to several analysts here.

This comes as a group of energy market analysts maintain that despite the stances he is assuming, Trump is pragmatically pursuing rise in global oil prices, reported Islamic Republic News Agency (IRNA), quoting Iran Daily newspaper.

Trump has repeatedly lashed out at what he calls high oil prices putting the blame for current crude prices on producing states. Trump maintains that the Organization of Petroleum Exporting Countries (OPEC) decision has unreasonably pushed the global price of the strategic product up.

In a number of his Twitter messages, Trump has described OPEC as a monopolising cartel that by manipulating global energy market, keeps oil prices up.

In his last Twitter post addressing the organization, Trump called on OPEC to increase oil supply to international markets and bring prices down.

This comes as a number of observers hold the view that the US president's moves and measures as well as his political and economic approach are among the reasons for the increase in oil prices.

A few months ago, one of Trump's Twitter posts against OPEC, caused a more than 25-percent increase in global oil prices.

A few days ago, and again in a Twitter post, Trump called OPEC a monopolizing agency. He wrote: "The OPEC monopoly must remember that gas prices are up and they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street. REDUCE PRICING NOW!"

Many experts believe that Trump's non-expert remarks, his political interferences and his oil tweets in the past few months have driven crude prices up by at least $10 per barrel.

Analyzing Trump's stances, observers list a number of diverse domestic and international reasons and objectives.

Among them, individuals with sufficient knowledge and information about the US and its internal issues stress that Trump's threats against and interference in global oil market are due to the US congressional elections, to be held in November, looming and the strong impact of fuel and energy price issue on US people's decision.

Source: NAM NEWS NETWORK


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