Trump preach energy policy, oil prices have fallen for a week in a row
Georgina McCartni
Houston (Reuters) -Bere President Donald Trump announced a plan to comprehensively increase domestic production and require OPEC to take action to reduce crude oil prices, and the oil price rose slightly on Friday, but recorded a weekly decline, ending the rising surrounding surroundings. Essence
The settlement price of Brent crude oil futures rose 21 cents, an increase of 0.27%, to $ 78.50 per barrel. Western Cases in the United States rose 4 cents, an increase of 0.05%to $ 74.66.
Brent crude oil fell 2.8%this week, while WTI fell 4.1%.
Trump once again called on the Organization of Oil Exporting Countries to reduce oil prices to damage Russian finances with abundant oil resources and help end the Ukrainian war.
When Trump arrived in North Carolina to check the storm loss, “One way to stop this war is to stop making so much money and reduce the price of oil … The war will stop immediately.”
StoneX analyst Alex Hodes said in a report on Friday that the U.S. threatening severe sanctions on Russia and Iran in major oil production countries may destroy Trump's goal of reducing energy costs.
“Trump knows this and relies on OPEC to make up for these gaps.”
On Thursday, Trump said at the World Economic Forum that he would ask OPEC and its de facto leaders Saudi Arabia to reduce crude oil prices.
OPEC+, including Russia, has not responded yet. The organization representative pointed out that a plan has been formulated to increase oil output from April.
“I don't think OPEC will change the policy,” said Giovanni Staunovo, a commodity analyst at UBS. The market will be relatively calm. “
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Chevron said on Friday that the giant tengiz oil fields that have spent $ 48 billion have begun to produce, which will cause its output to account for about 1% of global crude oil supply, and it may further put pressure on OPEC ’s production efforts in the past few years. Essence
Trump announced on Monday that the national energy emergency state was eliminated and the environmental restrictions on energy infrastructure were canceled. This was part of his maximum improvement of domestic oil and natural gas output plans.
Nikos TZABORAS, a senior market expert of trading platform, said that these rollbacks may support oil demand, but may exacerbate excess supply.
StoneX's HODES said that so far, Trump's policy has largely followed the prediction of supply, including reducing the redemption festival to promote domestic supply growth. However, “the easiest fruit to achieve growth has been picked.”