United States crude falls 32 cents after Trump's latest Twitter warning to OPEC

Oil prices fall amid surprise growth in U.S. crude stocks

"It is hard for the US/Trump to complain, because it is the US' secondary sanctions on Iran that is driving the oil market tightness", analysts at Mizhuo Securities said in a note.

Squabbles over "violations" of the supply deal, or debates about how to measure compliance rates, are largely background noise.

Saudi Arabia is anxious that any sanctions-related spike in oil prices will trigger fresh criticism from Trump, but it also faces doubts over its ability to compensate for a drop in Iranian supply, the sources said.

But the meeting on Sunday is unlikely to be able to change production policy.

The comments come just ahead of this weekend's meeting of a committee monitoring the supply pact between OPEC, Russia and some other non-OPEC producers.

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This much is evident in daily oil flows.

Trump sent a similar tweet in July, in which he also called the Organisation of the Petroleum Exporting Countries a monopoly and tacitly threatened to withdraw USA support. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas.

Russian Federation has fully rolled back its cuts then added some more oil, taking production to a new post-Soviet record.

"I think Saudi Arabia is comfortable with the prevailing price until its customers are not", said Matt Reed, vice president of Middle East consultancy Foreign Reports.

In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting that such tweets from the president would probably continue with the US midterm elections fast approaching. Did that agreement allow other members to offset supply losses from Iran and Venezuela - as the Saudis argue - or did it merely reiterate that each country should pump in line with its individual target - Iran's position.

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President Donald Trump blasted OPEC in a tweet Thursday morning, saying the Middle East wouldn't be safe without USA military protection and yet, countries there continue to keep prices high.

Zanganeh alluded to the decision of the Organization of Petroleum Exporting Countries (OPEC) and big non-affiliated producers, to reduce extraction in order to improve fuel prices in the world market.

Sent via Twitter for iPhone.

Trump's tweet comes about two months after a similar tweet in July, in which he also called OPEC a monopoly and tacitly threatened to withdraw U.S. support.

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