Last week, OPEC+ canceled an April meeting meant to review the output pact, leaving the production curbs in place until at least June.
OPEC ministers have expressed frustration with the Trump administration for allowing several of Iran’s biggest oil buyers to continue purchasing limited amounts of the Islamic Republic’s crude, despite U.S. sanctions on the country.
For months leading up to the renewal of U.S. sanctions on Iran in November, the Trump administration said it would enforce the penalties severely. Oil producers hiked production heading into November in order to fill the gap, but ended up flooding the market instead.
The sanctions waivers expire in just over a month, and the Trump administration must once again decide how much Iranian crude it will allow importers to purchase. Earlier this month, OPEC Secretary General Mohammed Barkindo told CNBC the uncertainty around the waivers is making OPEC’s effort to balance the oil market more difficult.
Trump’s 2019 OPEC have been more diplomatic than last year’s Twitter barbs. However, he is issuing them earlier in the year and before oil prices reach levels that prompted his attacks in 2018.
Brent was trading near $74 a barrel and WTI was hovering around $68 when Trump sent his first tweet at OPEC last April. Brent’s high this year is $68.69 and WTI peaked at $60.39 last week.
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