Date: 8 months ago   Category: Economy

President mistake. The OPEC brings Trump under an impeachment - RIA Novosti, 9/25/2018

MOSCOW, 25 Sep — RIA Novosti, Maxim Rubchenko. The monitoring committee of OPEC at a meeting in Algeria has decided not to change oil production quotas, having ignored Donald Trump's requirement. Besides, participants of the agreement have expressed the intention even more to reduce production of black gold next year. Why the policy of oil cartel can lead to the U.S. President's impeachment — in material of RIA Novosti. © AFP 2018/Frederick J. Brown Inadmissible losses: the USA counts losses from trade expected a voynybolshinstvo of the western analysts that participants of OPEC will report in Algeria about increase in production. For this purpose there were serious reasons. On the one hand, on the eve of the summit Donald Trump has demanded from OPEC to reduce immediately the prices as the USA ensures safety of members of cartel. "We protect the countries of the Middle East, their safety depends on us, and still they continue to raise prices of oil above and above! We will remember it. The monopoly of OPEC has to reduce the prices now!" — he has written on twitter. The irritation of the head of the White House is clear: in the USA gasoline has considerably risen in price that causes discontent of the American voters. It to republicans absolutely inopportunely on the eve of the intermediate congressional elections which will take place at the beginning of November. Now, on sociological polls, for republicans ten percent less voters, than are ready to vote for democrats. To reduce a gap, Trump extremely needs concessions from OPEC.C of other party as the Russian Minister of Energy Alexander Novak has confirmed on the eve of the meeting, in August the countries of OPEC have executed the transaction on reduction of oil production for 129%. That is have got almost one third less, than it is provided by the agreement. Thus, there was a good pretext to declare increase in production by 30% not to fuel tension with Washington. However participants of the Algerian summit haven't wished to give such gift to Trump. Instead they have said that commercial reserves of oil in the countries of OECD have reached 2,83 billion barrels in July. Therefore "it is inexpedient to raise production quotas now". Besides, the OPEC has warned that it can reduce even more quotas as, by estimates of the organization, in the 2019th production of oil in the world on half a million barrels will exceed consumption. It seems that the countries of OPEC want not just to earn additional money on growth of quotations, but also to force the U.S. President to experience negative consequences of his own decisions. The main reason of rise in price of oil — the American sanctions against Iran and Venezuela which have sharply reduced deliveries to the world market. Large petrotraders for the first time since 2014 have exorcized about a possibility of increase in prices for oil up to hundred dollars for barrel. According to the cofounder of Mercuria Energy trading company Daniel Dzheggi, we will see the three-digit prices in December. "In the market there is no offer capable to compensate potential disappearance of two million barrels of oil a day in the fourth quarter — Dzheggi at the Asia-Pacific oil conference which has taken place in past has reported



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