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OPEC is 'ripping off' US, rest of world: Trump

Washington — In a speech before the United Nations, US President Donald Trump took aim at OPEC for increasing global oil prices while benefiting from US military security.

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"OPEC and OPEC nations are, as usual, ripping off the rest of the world and I don't like it, nobody should like it," Trump said, claiming that the US defends many OPEC nations "for nothing."

"We want them to stop raising prices, we want them to start lowering prices and they must contribute substantially to military protection from now on," Trump said.

Brent crude briefly touched $82.55/b, but pulled back to around $82.18/b soon after in the wake of the strong language from Trump calling on OPEC to lower prices. WTI, which had been trading as high as $72.78/b during morning US trade, briefly fell back below Monday's settle following Trump's remarks, trading as low as $72.05/b before recovering slightly.

Trump also touched on sanctions on Venezuela, Iran and North Korea.

"The Iran deal was a windfall for Iran's leaders," Trump said.

The US continues to press Iran's oil customers to halt their crude and condensate imports before sanctions resume November 5. Trump said the US was working with these customers to "cut their purchases substantially." Crude futures moved to intra-day highs on the back of Trump's remarks calling for continued isolation of Iran.

In his speech, Trump stressed American sovereignty and US energy security.

"In America we believe strongly in energy security, for ourselves and for our allies," Trump said. "The United States stands ready to export our abundant, affordable supply of oil, clean coal and natural gas."

-- Brian Scheid with Chris Vanmoessner, newsdesk@spglobal.com

-- Edited by James Leech, newsdesk@spglobal.com