On Tuesday, crude closed near 78 dollars per barrel, driven higher by a sharp drop in US inventories and the expectation of more drivers hitting the road for the July 4 holiday.
"You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?!"
Production at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, was hit by a power outage last month and is likely to remain offline through July, helping drain USA inventories. "On balance, this leaves the oil market tighter than before, with less spare capacity".
Founded in 1960, OPEC is a group of governments whose countries are significant oil producers. Analysts had expected a 3.5 million-barrel draw. Iran's OPEC governor, Hossein Kazempour Ardebili, had earlier on Thursday urged Trump to stop tweeting about oil, saying his missives were backfiring and driving prices higher. State Department official, noting that some key Iranian customers may be pressured into complying with American demands.
Before lifting its oil price forecast this week, Morgan Stanley had expected that Iran would lose 700,000 bpd in oil exports through 2019 from the sanctions.
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President Donald Trump has again lashed out at an worldwide body - this time, it's the Organization of the Petroleum Exporting Countries (OPEC), which he accused Wednesday afternoon of driving up gas prices.
However, the White House rowed back on this claim in a subsequent statement. Prices to (sic) high!
But Tehran has threatened to take drastic action on the oil supply in retaliation against Trump's attempt to curb its exports.
Norway-based Rystad Energy expects Iranian production to drop by 700,000 bpd by December 2018.
Trump's move comes as the world suddenly finds itself dangerously short of meeting rising global demand that's set to hit 100 million barrels per day by the fourth quarter, compared to 98.7 million during the same period past year. The 15 member states are Iran, Iraq, Saudi Arabia, Venezuela, the UAE, Qatar, Nigeria, Libya, Kuwait, Gabon, Equatorial Guinea, Ecuador, Congo, Angola and Algeria. On Wednesday, he accused the Organization of the Petroleum Exporting Countries of driving up fuel prices. The kingdom, its Gulf allies and Russian Federation indicated that they will lift production by about 1 million barrels per day (bpd) to offset losses from Venezuela and Iran, but not more. Cutting prices can be seen as an indication that a country wants to supply more crude.