Trump to OPEC: 'Reduce pricing now!'

Adnoc's offshore Bu Haseer oilfield. Saudi Arabia and the UAE on Tuesday said they are prepared to address global oil market imbalances if necessary

Hossein Kazempour Ardebili, Iran's ambassador to the Organization of the Petroleum Exporting Countries (OPEC), was quoted by media as saying that the world - and specifically American consumers - would eventually consider Trump blameworthy for runaway oil prices in global markets.

LONDON, July 5 (Reuters) - Oil fell on Thursday after U.S. President Donald Trump demanded OPEC cut crude prices, but the market found some support from an Iranian threat to block shipments through the Strait of Hormuz.

OPEC members agreed June 23 to increase crude oil output by pumping 1 million barrels more daily, but it is still unclear how much of the oil produced would ease off prices in a period-the northern hemisphere's summer-generally associated with high oil demand.

Trump's scramble to slow down the oil rally comes four months ahead of United States midterms, where analysts say rising gasoline prices could hurt Republicans.

The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States.

OPEC, together with a group of non-OPEC producers led by Russian Federation, reduced output in 2017 to prop up the market.

Oil prices dropped yesterday, falling 97 cents to $73.17.

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Output cuts by OPEC and allies since January 2017 have reduced a crude glut. -Chinese trade war and increased production by Saudi Arabia and Russian Federation outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran.

Oil extended losses after state-owned Saudi Arabian Oil Co cut most pricing for Asian, European and USA markets.

Before oil took a swift downturn in mid-2014, the price of Brent crude had in the years prior traded consistently above $100 per barrel.

Writing on Twitter Wednesday, the US President said OPEC is doing little to help. Since when did you start ordering OPEC!

US crude inventories probably declined by 5 million barrels last week, according to a Bloomberg survey. "REDUCE PRICING NOW!" Meanwhile, Goldman said the market will stay in a deficit in the second half of the year as actual and potential supply losses from Iran, Venezuela, Libya and Canada far exceed the proposed boost from the group and its partners.

In May, the US retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets. The contract added 20 cents on Tuesday, and there was no settlement Wednesday due to the us holiday. The UBS estimate is sharply higher than a forecast from the U.S. Energy Information Administration, which in June put Brent at around $71 per barrel on average for the year. Iran insists that production limits OPEC set in late 2016 still apply, and that any countries who increase beyond these levels are undermining the unity of the organization.

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