Those other factors have not only driven up oil prices this year, they've also increased gasoline prices.
Oil prices dropped yesterday, falling 97 cents to $73.17. And yet, you are asking them to reduce the prices?!
Trump's OPEC tweets come as gasoline prices are more than 60 cents a gallon higher than a year ago. If anything, they are driving prices higher as the USA defends many of their members for very little $'s.
"You are hammering on good guys in OPEC", Kazempour said. And according to Hossein Kazempour Ardebili-the Islamic Republic of Iran's OPEC governor-some of the president's OPEC-bashing tweets will have the effect of increasing oil prices.
The market was expecting "higher exports and lower imports, but we got the reverse", said Rob Thummel, managing director at Tortoise, which handles $16 billion in energy-related assets.
Oil was mixed on Friday, with short-covering pushing up US crude futures while Brent slipped on global trade tensions and increased Saudi production. In December, the average price was just under $65.
An imminent shift in global oil trade flows was also affecting prices.
Hossein Kazempour Ardebili, Iran's OPEC governor, told news agency SHANA that "Trump's demand that Iranian oil should not be bought, and (his) pressures on European firms at a time when Nigeria and Libya are in crisis, when Venezuela's oil exports have fallen due to USA sanctions, when Saudi's domestic consumption has increased in summer, is nothing but a self harm". "Perhaps one of the USA president's advisors should explain this to him", Commerzbank added. Many coutries have not committed to the United States ban, and if prices rise, Iran may ultimately take in just as much money even with fewer exports. "This is a response to the US sanctions that are squeezing them".
Crude pared gains after hitting a three-year high in NY as prospects for accelerating supply damped enthusiasm for the rally and traders curbed bullish bets before a US holiday.
Maloney said that "Trump's uncompromising sanctions enforcement will deepen Washington's falling-out with allies in Europe". 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.
The Saudi Cabinet "affirmed the Kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in co-ordination with other producing countries", according to a report by the Saudi Press Agency.