Iran tells Trump his tweets raised oil price

06 July, 2018, 19:28 | Author: Brooke Harris
  • Oil prices climb on tightening US market

Tehran blames rising prices on USA sanctions imposed on Iran and Venezuela, founding members of the cartel.

Considering that the U.S.is pushing for "zero" Iranian oil exports and is pressing other countries to stop importing Iran's oil, Tehran may not have many countries left to trade with.

They say this is to create greater stability in the market and the domestic economies of member states and to ensure a fair return for investors in the oil industry.

The demands to increase production are aggravating tensions between the US and some OPEC members. Inventories rose 1.25 million barrels last week, the first rise in four weeks, according to data from the Energy Information Administration.

The sanctions would include a universal ban on Iran over buying or acquiring USA dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.

"On China, India - yes, certainly". "And yes, we will certainly be requesting that their oil imports go to zero, without question".

In spite of these measures to replace disrupted supplies, Goldman Sachs said in a July 4 note to clients that "the market will remain in deficit" in the second half of the year.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account.

Schumer urges Trump to tap Merrick Garland for Supreme Court
Trump a year ago appointed conservative Justice Neil Gorsuch to take a seat that the Republican-led U.S. Maybe a Justice Barrett would be more cautious than Notre Dame Law School Professor Barrett sounds.

Trump said the agreement was reached after a phone call with the Saudi King about oil production but mentioned no specifics. Prices to (sic) high!

Cutting Iran out from oil trading comes amid other disruptions.

The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".

"If Libya's oil doesn't return fast to the market it will be an important test to OPEC's spare capacity, especially given that output from Venezuela and Iran is expected to fall significantly in the next couple of months", he added.

Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of a year ago, amid a structural underinvestment in the country. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran.

Both leaders also discussed "efforts by the oil-producing countries to compensate for any potential shortage in supplies", SPA reported.

Top exporter Saudi Arabia told OPEC it raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

Recommended:



Popular

Hikers who went missing at Shannon Falls found dead
Scraper, Lyakh's girlfriend, launched her own social media marketing business that came with travelling around the world. Until the operation is complete, Shannon Falls and any trails leading to the pool system are closed to the public.

Sacha Baron Cohen Trolls Donald Trump, Seemingly Teases New Project
Some suggested that he might do the same to Cohen, long considered Trump's "fixer", but there is an apparent rift between the two. In fact, Cohen later explained, Trump actually didn't catch on to the joke for seven whole minutes.

‘Ant-Man and the Wasp’: What Does It Mean for ‘Avengers 4’?
We see Scott's giant ant pet - from Ant-Man 1 and throughout this film - playing drums. Thanos' face can be seen smiling in the clouds of the Quantum Realm behind him.

Fate of inter-Korean detente hangs on nuclear talks
Pomepo met with Kim Yong Chol - who was key in arranging the Singapore summit - but it's unclear whether he'll sit down with Kim. North Korea's commitment to denuclearization has come under intense scrutiny in the weeks since the Singapore summit.

Nawaz Sharif sentenced to 10 years in jail in corruption case
The military, which has ruled the nuclear-armed country for nearly half of its history, denies involvement in civilian politics. Nawaz's son-in-law Capt (retd) Safdar was given a one year sentence. "This decision is based on injustice".

Meghan radiates sunshine alongside Prince Harry at Commonwealth event
With so many neutral dresses on hand it seemed as though the Duchess was opting for this palette as her royal wardrobe. Check out snaps of Meghan and Prince Harry as they toast young leaders.

MSP hike could stoke inflation, prompt RBI to raise interest rates
However, CoP according to C2 formula was Rs 2,089 per quintal in 2017-18 and so the MSP should have been Rs 3,113.5 per quintal. Congress President Rahul Gandhi had accused the prime minister of "finishing the farmer ".

Trump seeks to block China Mobile, cites security concerns
Neither China Mobile nor the FCC were immediately available for comment on what their next steps would be. It remains unclear if the differences can be bridged before the first round of tariffs take effect.

Drinking 1 to 8+ Cups of Coffee Lowers All-Cause Mortality
They found that participants without a college degree more commonly drank instant coffee compared to college graduates. Amla is loaded with vitamin C that is known to build your body's defence mechanisms against diseases and infections.

Linda Hunt: 'No serious injuries' after vehicle crash
Hunt, 73, was driving in a black BMW SUV when her vehicle, a sedan and another auto were involved in a collision, TMZ reported . Hunt received the Best Support Actress Academy Award in 1984 for her role in " The Year of Living Dangerously ".