Trump tweeted at OPEC this morning. As I outlined in my note, $80 oil is Trump's red line for oil prices ahead of the election. The message will be especially be heard by Gulf producers who support the Iran sanctions policy. Trump's new tweet intervention only increases our view published in our Tuesday note that we expect an OPEC pro-production boost message or decision at Sunday's meeting in Algiers.
Iran is boycotting meeting now. Originally, the minister was going, then he cancelled and said he was sending his deputy. But now they are boycotting the meeting altogether which I translate into the meeting is not going in the direction they want (i.e. adding more production). The Iranians want prices to go higher to show US consequences of sanctions policy.