The price of Brent oil , an international benchmark, rose to levels of 2014, after the Organization of the Petroleum Exporting Countries (OPEC) and its partners ignored pressure from Donald Trump to further increase oil production.
The barrel of Brent of the North Sea for delivery in November soared 1.8 dollars, to settle at 80.60 dollars towards the first hours of the morning after having risen to 80.94 dollars during the dawn. The West Texas Intermediate , reference oil in the US, reached its highest level in two months of 71.39 dollars, to fall slightly to 72.08 dollars.
The current level of the price is the highest since November 2014 . That year, the price of crude oil fell from 120 dollars per barrel in June to 50 dollars in December, a collapse due to overproduction that bottomed out in early 2016 when they were paid 30 dollars per barrel.
The OPEC production reduction policies contributed to a price recovery since then.
On Monday, the market reacted to a meeting of OPEC and its partners, including Russia, held on Sunday in Algeria, in which a score of countries responsible for more than half of the global supply of crude decided not to increase pumping, making Ignoring Trump’s pressures.
We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
However, the Saudi oil minister, Khalid al-Falih , left the door open for a future increase in production as a result of the reduction in the supply implied by US sanctions on Iranian exports , which will come into effect in November. .
Saudi Arabia, Russia and the United States are the three largest oil producers in the world, but only the first two are exporters.
“Saudi Arabia and Russia confirmed that they do not increase production, and this is bad news for President Trump, who wants cheaper oil that is good for business.” says David Madden, analyst at CMC Markets.
Trump puts pressure on the one hand so that no country buys oil from Iran , the third OPEC producer, while on the other it tries to stop the consequent increase in prices , which could trigger the cost of gasoline and irritate US voters to a few. weeks of mid-term legislative elections in early November.