Trump says King Salman 'agree' to crash oil prices

02 July, 2018, 05:08 | Author: Brooke Harris
  • Trump says Saudi king agreed to raise oil production up to 2 million barrels

US President Donald Trump has said that Saudi Arabia King Salman has agreed to his request to increase oil production "maybe up to 2,000,000 barrels" to make up for a shortfall from Iran and Venezuela.

On 20 April he tweeted that oil prices were "artificially very high", saying this was "no good" and "will not be accepted!" His tweet Saturday came as many Americans were hitting the roads to begin an extended Fourth of July holiday.

"President Trump's reckless decision to pull out of the Iran deal has led to higher oil prices", Senate Minority Leader Charles Schumer, D-N.Y., said last month during a photo op outside an Exxon station.

The price of Brent, the global benchmark hit $US79.23 on Friday at the close, up more than 2% on the day.

Japan imported an 18-year high of 10.3 million barrels of US crude in 2017, but imports slowed sharply in the first five months of this year as USA spot crude prices were stronger than Middle East benchmark Dubai.

Trump's claim on Saturday comes after the Organization of the Petroleum Exporting Countries (OPEC), a grouping of oil producing states that includes Saudi Arabia, already agreed to ramp up production by a million barrels a day at a meeting earlier this month.

Saudi Energy Minister Khalid al-Falih met with US Secretary of State Mike Pompeo in Washington on Thursday to discuss energy security.

Vigil held in Annapolis for the victims of the Capital Gazette shooting
Ramos, 38, is a former information-technology employee with a long-time grudge against The Capital of Annapolis. Ramos allegedly used a 12-gauge pump-action shotgun and was carrying smoke grenades during the attack.

Since then, though, the Trump administration has upped the ante by signaling a tough line on closing down Iranian production.

Iranian exports have been running around 2.4 million barrels a day, according to the International Energy Agency. Traders worry that a major curtailment of Tehran's output could risk creating a supply crunch that might drive prices skyward. Its record is 10.72 million barrels a day.

Saudi Arabia is the world's largest exporter of crude oil, exporting 7 million barrels a day.

Jordan added: "It's noteworthy that the Saudis did not want to say that they are committed in any official output level, that they would be inclined to have any financial dealings with Iran in the face of any possible U.S. sanctions". "Can they really push above that quickly?"

Active oil rig use is easing - down for a second week last week to 858, a fall of 4. The International Energy Agency, the Paris-based group that represents consumer countries, recently estimated what it called "short order supply" from the Middle East, including Saudi Arabia, at 1.14 million barrels a day.

The curbs were meant to help drain a global oil glut, a goal that has largely been achieved, though supply disruptions are now adding pressure to prices. In Libya, the supply of up to 780,000 barrels of crude a day is at risk, according to analysts. venezuela's sliding output is also helping boost prices as the USA sanctions that country.

But OPEC's promises did not settle the markets, and crude oil futures have spiked since the meeting. But traders are concerned that all of these problems may add up to shortages down the road. Iran is a major supplier of oil to countries across the globe including India and China. The statement did not include any specific figures.

Recommended:

  • Russian Federation  beat Spain in World Cup's first penalty shootout to progress

    Russian Federation beat Spain in World Cup's first penalty shootout to progress

    They have lost eight of those games, including four at World Cups, the last to South Korea in 2002 - also on penalties. Artem Dzyuba then converted a penalty three minutes before the break to pull the tournament hosts level at half-time.
    Vladimir Putin, Donald Trump to discuss ‘complex’ issues, including Syria

    Vladimir Putin, Donald Trump to discuss ‘complex’ issues, including Syria

    Trump said he planned to address election integrity when the two leaders come face to face in Helsinki , Finland, on July 16. This would be Mr Trump's first summit with Mr Putin, even though the leaders have met twice in the last one and half year.
    Austrian Grand Prix 2018 race results: Full classification - Verstappen wins, Hamilton out

    Austrian Grand Prix 2018 race results: Full classification - Verstappen wins, Hamilton out

    On Lap 64, the championship leader Lewis Hamilton retired from the race as Lewis Hamilton lost all power from his vehicle . Bottas was also cautious, noting that the upgraded engine didn't drastically increase Mercedes' advantage in France.
  • Idaho man injures 9 in stabbing attack on refugee families

    Idaho man injures 9 in stabbing attack on refugee families

    One suspect in custody; Jeff Paul reports on the investigation in Boise. "It's a community within our community", Bones said. Bones said the resident wanted to give him a helping hand in return for the help she had received from others in the past.
    Low won't be sacked after early exit - German FA

    Low won't be sacked after early exit - German FA

    One source said: 'The whole squad, the whole organisation, thought they are the World Cup winners. Granqvist of Sweden made it 2-0 by a spot-kick in the 62nd minute of the match.
    Nissan GT-R50 Prototype Breaks Cover, Comes with 700 PS

    Nissan GT-R50 Prototype Breaks Cover, Comes with 700 PS

    At the back, the round taillights get a reinterpreted, floating design while on top of them stretches an adjustable rear wing. While a standard 2017 Nissan GT-R Nismo generates 592bhp, the Nissan GT-R50 by Italdesign has 710bhp and 780Nm of torque.
  • How to watch Croatia vs

    Denmark head coach Hareide told Fifa.com: "Christian has played a fantastic qualification campaign". I don't think we're a nice team to meet.
    U.S.  government says it will detain migrant children with parents

    U.S. government says it will detain migrant children with parents

    Demonstrators cross the Brooklyn Bridge as they march against the separation of immigrant families, on June 30, 2018 in NYC. In Portland, Oregon, several stay-at-home mothers have organised their first rally while caring for young children.
    Joshua promoter challenges Wilder to sign contract for Wembley clash

    Joshua promoter challenges Wilder to sign contract for Wembley clash

    In an expletive-laden tweet, Wilder said: "You're not a true champion??" Shelly knew the WBA was calling me every day. Nothing makes sense here at all. "He sent us a bull**** offer thinking we'll never take it.and we took it".
  • Croatia midfielder Luka Modric plays down Christian Eriksen midfield battle

    Croatia's offense has come to life in Russian Federation 2018, scoring seven goals, but its defense has also been stellar. In almost three seasons since its inception, the Soccerbot is up an incredible 1,800 percent on bookmakers' closing odds.
    These Celebrities and Public Figures Are Supporting the Families Belong Together March

    These Celebrities and Public Figures Are Supporting the Families Belong Together March

    He said during his speech that the "zero-tolerance" policy is devastating his family, friends and colleagues. Other protesters converged on the worldwide bridge that carries traffic between El Paso and Juarez, Mexico.
    Ocasio-Cortez explains democratic socialism to Colbert

    Ocasio-Cortez explains democratic socialism to Colbert

    Ocasio-Cortez wants a single payer health care system that would cover medicine, vision, dental, and mental health care. Ocasio-Cortez, 28, a former organizer for Bernie Sanders' presidential campaign and a onetime staffer for the late Sen.


Popular

Andres Iniesta announces his worldwide retirement
Spain dominated possession but were unable to make it count and were punished when Russian Federation were awarded a penalty. It is the biggest upset ever in the knockout stage and the third biggest upset overall in World Cup history .

Trump travel ban survived because it doesn't ban all Muslims: Alan Dershowitz
The government of Venezuelan president Nicolas Maduro has said the travel ban is an act of psychological and political terrorism. Harvard law professor Alan Dershowitz discusses the Supreme Court's decision to uphold President Trump's travel ban .

Heat Wave: Friday to kick off first heat wave of 2018
Anyone spending significant time outdoors tomorrow is susceptible to heat stroke or heat exhaustion , the weather service said . Residents are warned to "drink plenty of fluids, stay in an air-conditioned room, and stay out of the sun", the agency says.

WhatsApp lets admins set group chats to broadcast-only mode
Additionally, if the latter option is chosen, an " Only admins can send messages " prompt will replace the message field. The "Send Messages" feature in groups lets group administrators disable chat features in a group.

Journalist claims Chelsea FC star is Real Madrid’s second-choice target
Chelsea will therefore hope to get a deal wrapped up as soon as possible, although that can be tough during a summer tournament. The Italian giants have been banned from European competitions for two seasons for failing to comply with the FFP regulations.

Moto E5 Smartphone Unofficially Listed on Amazon.in; India Launch Soon
Motorola is hosting an event at its headquarters in Chicago on August 2 at 2 p.m. local time, and it's announcing. something. The Moto Z3 Play features a 6.01-inch Super AMOLED display with 1080×2160 pixels resolution and aspect ratio of 18:9.

Notorious French Gangster Escapes Paris Prison By Helicopter
Faid was convicted for the murder of the policewoman along with two accomplices, all considered involved in the deadly shooting. Faid was eventually recaptured six weeks later at a hotel in an industrial area on the outskirts of Paris .

Israel delivers aid, medicine to Syrians fleeing to border
A doctor in a rural area in the west of Daraa province said his staff was preparing for an influx of critically wounded from Al-Mseifra.

Jared Kushner Allegedly Patched Prank Caller Through to President Trump
Alright I guess Donald is more concerned with pursuing this legally as opposed as to firing his screening staff. It's always good to know that the White House is an extremely functional, well-oiled machine.

Admirable scenes as Cristiano Ronaldo helps Edinson Cavani off the pitch
Cavani was forced to leave the game in the 74th minute and limped off the field with the assistance of Cristiano Ronaldo . The matchup pits Group A victor Uruguay against Group B runner-up Portugal in a game star power might decide.