Trump renews his criticism of OPEC for 'too high' oil prices

17 June, 2018, 13:37 | Author: Lora Ball
  • Trump bashes OPEC for 'high' oil prices

In its first detailed forecast for 2019, the IEA said Venezuelan and Iranian oil production will fall by a combined 1.5 million barrels per day by the end of next year; however, extra oil output from OPEC and non-OPEC countries such as Saudi Arabia and Russian Federation could compensate for the lost supply.

While economic growth is projected to be strong in the US, Europe and Japan, there is a chance of a slowdown in China and India, OPEC said.

Despite their proposal, U.S. President Donald Trump on Wednesday slammed OPEC for inflating prices. The country pumped 11.09 million barrels a day in the first week of June, according to a person with knowledge of the matter, exceeding its agreed limit of 10.95 million.

"I think the Trump tweet makes the Saudi's job of getting compromise at the OPEC meeting tougher", said Joe McMonigle, senior energy policy analyst at Hedgeye Potomac Research in Washington. Saudi Arabia has already started pumping more crude. The two countries together accounted for nearly 17% of world oil consumption a year ago, making them ideally suited to take on the oil exporting cartel.

Oil prices are set, for the most part, by Saudi Arabia and, to a lesser extent, it's OPEC partners.

India and China are discussing ways to boost imports of USA crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official.

Prices peaked in late May, scraping the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.

More news: Who's Performing at the Opening Ceremony?

There are now fears that prices could rise steeply if supplies are disrupted from OPEC members Venezuela and Iran. President Vladimir Putin will host Saudi Crown Prince Mohammed Bin Salman, while energy ministers Alexander Novak and Khalid Al-Falih will also meet. The Joint Ministerial Monitoring Committee (JMMC) representing the 24 Opec and non-Opec producing countries participating in the voluntary production adjustments will next meet in Vienna on June 21.

The outlook for the oil market in the second half of this year is uncertain, analysts say, and OPEC argues there are downside risks to demand.

Various sources show that "considerable uncertainty as to world oil demand and non-OPEC supply prevails", OPEC said, leading to a wide range of estimates for the remainder of 2018.

"OPEC has the lowest spare capacity ever right now", said fund manager Pierre Andurand, in a tweeted response to Trump.

Rising U.S. stocks partly reflect a surge in U.S. crude production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

According to figures compiled by Platts from market players, Organization of Petroleum Exporting
Countries (OPEC) and tanker tracking service companies that monitor crude shipping movements, Nigeria's crude oil production for the month of May plunged by 150,000 barrels per day.


  • European Central Bank  gets ready to pull the plug on stimulus scheme

    European Central Bank gets ready to pull the plug on stimulus scheme

    West Texas Intermediate crude oil futures were down 0.2 per cent at US$66.76 per barrel; Brent was down 0.6 per cent at US$75.49. Italy's new populist government is a coalition between the anti-establishment 5-Star Movement and the anti-immigration League.
    Trump quip about North Korea's Kim sparks outcry on social media

    Trump quip about North Korea's Kim sparks outcry on social media

    That's what Trump is heading for, and by the time he gets there he will undoubtedly think that it was his goal all along. He noted that he gave Kim "a very direct number" and instructed him to "call me if he has any difficulties".
    Hearn: Joshua-Wilder May Go To Wembley in October, November

    Hearn: Joshua-Wilder May Go To Wembley in October, November

    The victor of a Joshua-Wilder bout would be the first man to hold all four heavyweight titles - WBA, WBC, IBF and WBO - simultaneously.
  • Kevin Durant wants to stay with the Warriors

    Kevin Durant wants to stay with the Warriors

    At the center of those talks is Kevin Durant , coming off his second consecutive NBA Finals MVP award. Their ultimate goal was to get "clicking like Golden State" when it mattered most: the postseason.
    North Korea sanctions to 'remain in effect’

    North Korea sanctions to 'remain in effect’

    Mintaro Oba, a former US State Department diplomat specialising in the Koreas, said the summit was more about style and symbolism. The two leaders concluded their Tuesday meeting by signing an agreement that acknowledges progress in their talks .
    Angela Merkel on Trump’s G7 show: It’s ‘depressing’

    Angela Merkel on Trump’s G7 show: It’s ‘depressing’

    Merkel responded to the tweet on Sunday, saying: "I don't think that inflammatory language makes things better". President Trump departed the summit early, skipping out on a meeting to discuss climate change.
  • North Korea sanctions to stay until full denuclearisation, says US

    North Korea sanctions to stay until full denuclearisation, says US

    Observers expect a visit by a North Korean official to Beijing soon, as the traditional allies will want to consult going forward. It was only at a rescheduled high-level meeting on June 1 that the two Koreas agreed to hold the military talks on Thursday.
    Trump says DPRK no longer 'nuclear threat'

    Trump says DPRK no longer 'nuclear threat'

    So we will never be able to fully satisfy North Korea short of giving up all of our nuclear weapons. South Korea and Japan were apparently caught off guard by the announcement.
    Apple bans developers from submitting cryptocurrency mining apps for iOS devices

    Apple bans developers from submitting cryptocurrency mining apps for iOS devices

    These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading. In March 2018, 9to5Macreported that Apple pulled a calendar app from its App Store for violating the efficient power guidelines .
  • UAE says Yemen's Houthis must evacuate key port city

    UAE says Yemen's Houthis must evacuate key port city

    The bombing began on Wednesday after the rebels ignored a deadline set by the Yemeni government to withdraw from the port. Saudi-owned satellite news channels have announced the start of the Saudi-led coalition's assault on Hodeida.
    How Vettel and Ferrari turned 'disaster' into triumph - F1

    How Vettel and Ferrari turned 'disaster' into triumph - F1

    Fernando Alonso's F1 future remains unclear after he retired from his 300th Grand Prix before making his Le Mans debut this week. He said the win was special because it came 40 years after Canadian Gilles Villeneuve had won his first race for Ferrari.
    Trump says he has clear objective for North Korea summit

    Trump says he has clear objective for North Korea summit

    Menendez spoke Sunday on ABC's "This Week" as President Donald Trump arrived in Singapore ahead of Tuesday's talks with Kim . At 10am, North Korean vice-minister for foreign affairs, Choi Sun-hee, strode into the Ritz Carlton with her small team.


Ruthless India wont take Afghanistan lightly: Rahane
He played a few seasons in the IPL before poor performances and lack of form ensured that he was left out in the cold. That was also the year that US-led global troops ousted the Sunni hardline Taliban regime from Kabul.

Kawhi Leonard to Spurs: I want to be traded
Leonard - who was drafted 15th overall in the 2011 NBA Draft - has spent all seven seasons of his career with the Spurs. The stand-off has led many to suggest Leonard might have played his last game in a Spurs jersey - including Marc Stein.

Growing Colorado wildfire forces more evacuations
The fire was reported Tuesday near the town of Silverthorne in Summit County, which is home to several ski resorts. The west side of the 416 Fire is burning at over 8,000 feet in terrain that is hard for ground resources.

Here's when Eid Al Fitr will be announced in Oman
Since the crescent moon which marks the new lunar month was not sighted today, Friday will be the 30th and final day of Ramazan. Eid al-Fitr, which means "festival of breaking the fast", is traditionally a three-day festival that marks the end of fasting .

Did Meghan Markle Violate Royal Protocol While Riding in the Queen's Train?
Soon after, the royals watched a performance by local schoolchildren, before her Majesty officially opened the bridge. Markle embarked on her first joint engagement with the queen on Thursday wearing a cream dress by Givenchy .

Russian Federation to win first World Cup match, says clairvoyant cat
Villain Russian President Vladimir Putin opened the tournament by welcoming fans to "open, hospitable and friendly" Russia . ITV's coverage kicked off at 2.30pm BST, but if you were busy at the time, you can always catch up through ITV Hub.

His most significant report before this one was the 2012 study of the botched Obama-era gun operation known as Fast and Furious. Most of the problematic texts relate to the FBI's Russian Federation investigation, the report notes.

Amazon expands Prime Whole Foods discount to Alabama
Plans call for the Prime savings to roll out to all 464 Whole Foods stores in the United States this summer. They'll then be able to scan the Prime barcode at checkout to receive deals.

Fortnite supports cross-play between Xbox One, PC, Nintendo Switch, and mobile
Even if you unlink your PS4 from your Epic Games account , you still won't be able to play using that account on Nintendo Switch . Pope went on to say that he has never seen anything as "potentially damaging" to children as Fortnite addiction.

Justice Department takes aim at heart of health law
Sessions said in his letter that the Justice Department was not arguing that the entire law does not pass constitutional muster. A group of Democratic state attorneys general, lead by California's Xavier Becerra, are riding to the law's defense.