Gas prices are up and OPEC ‘doing little to help’

President Rouhani talks to Iranian expatriates in Bern Switzerland

Should it succeed and Tehran's two million barrels a day be taken off the market, the cost of oil is likely to soar and cause a major headache for Trump domestically; the American public are known to be hostile to anything that increases the cost of filling up their cars.

Another day, another economic threat from Donald Trump. Your tweets have driven the prices up by at least $10 per barrel.

The United States pulled out of a multinational deal in May to lift sanctions against Iran in return for curbs to its nuclear programme.

Kazempour accused Trump of trying to ramp up tensions between Iran and its regional rival, Saudi Arabia. The Saudi pricing is the first of the monthly releases by state oil companies in the region and most producers usually follow the country's lead.

"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said. The U.S. will not allow those who buy oil from Iran to do business in America without penalty.

Saudi Arabia's energy minister Khalid al-Falih arrives for an OPEC meeting in Vienna on June 22.

Trump wants Saudi Arabia to increase its oil production to offset any lost supply because of what is happening around Iran and the political chaos in Venezuela.

Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

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President Donald Trump lashed out again at the Organization of the Petroleum Exporting Countries, or OPEC, in his long-running campaign against the oil price cartel. This must be a two-way street.

In May, the USA 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. "Every president before Trump has done it and it tends to happen in an election year". Most of the Gulf's state oil producers price their crude at a premium or discount to a benchmark.

The president's repeated criticism of OPEC reflects his awareness that higher prices are already hitting a key section of his own electoral coalition. After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon.

U.S. motorists consume nearly 143 billion gallons of gasoline each year, according to the U.S. Energy Information Administration.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement.

If the impact on consumer finances still seems small, a better way to understand the effect is to put the price impact on the same basis as the announced tax cuts. Few thought it would be 1 million bpd or more.

There are a number of factors behind the recent price rise. Any time there's talk of increased production or even a suggestion, prices tend to go down.

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