Monday, 22 October, 2018

'OPEC is at it again': Trump renews Twitter attack on oil nations

'OPEC is at it again': Trump renews Twitter attack on oil nations 'OPEC is at it again': Trump renews Twitter attack on oil nations
Priscilla Morrison | 14 June, 2018, 09:41

"Procuring oil at the cheapest price is vital for the two energy hungry Asian consumers".

Earlier Wednesday, Trump tweeted that OPEC was "at it again" and that oil prices were "too high", even as his decision to reimpose sanctions on Iran could cause oil prices to go even higher.

Brent crude futures LCOc1, the worldwide benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close.

The price surge is taking a toll on heavy-energy users in the United States, where the producer-price index rose by 0.5pc in May from a month earlier, according to the latest data from the USA labor department.

That move took crude from about $50 a barrel in late 2016 to more than $70 this year.

Trump pushes the case for lower oil prices a week before the cartel meets to set production policy.

Oil prices recovered Wednesday after data showed a sharp drop in us inventories, even as production jumped toward 11 million, while President Trump again blamed OPEC for high oil prices.

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said on Wednesday. Using drilling advances such as fracking, operators in Texas and North Dakota have pushed US production higher.

More news: Kim summit: North Korea hails 'new era' of relations with the US

The oil-buying alliance may initially be made up of India and China, with South Korea and Japan - also major buyers - joining the club later, the Indian government official said on Wednesday.

Oil prices have eased slightly in recent weeks. Domestically, more crude was burned in Saudi power plants during the month, partly due to higher air-conditioning use. The kingdom reported that it increased production in May to about 10 million barrels a day.

"The president's tweets are really telling the other oil-producing countries to step up your production to make up for the coming sharp declines that are expected in Iranian oil exports", Yergin said.

OPEC is under scrutiny in Congress, too. The committee chairman, Rep.

"It's confusing why the president would come out with a statement like this now", Smith said.

Oil pumpjacks are seen in Lagunillas, Venezuela May 24, 2018.

Even if the supply gap, triggered by the return of USA sanctions on Iran and a major political crisis in Venezuela, is plugged, the oil market will likely remain vulnerable to disruption next year, the IEA warned.

Democrats are trying to blame Trump for higher gasoline prices, sensing the issue will resonate with voters in the November midterm elections that will determine control of the House and Senate. Schumer spoke as he stood in front of the price sign - regular for $3.09 - at an Exxon station on Capitol Hill.

Recommended

Scotland lose to Pakistan in first of two T20 internationals Scotland lose to Pakistan in first of two T20 internationals Former Durham and Warwickshire batsman MacLeod said Scotland's first global cricket win over England was a "massive statement". Australia might have found their best XI by now after emerging victorious in a couple of warm-up matches.

Kim nuclear summit praised, but big questions loom Kim nuclear summit praised, but big questions loom Trump's own chest-thumping tweet seemed reminiscent of the "Mission Accomplished" banner flown behind President George W. The president sat down with Baier on Air Force One shortly after his summit with North Korean leader Kim Jong Un .

New 200PS petrol engine for Jaguar E-Pace New 200PS petrol engine for Jaguar E-Pace Jaguar has updated the all-new E-Pace with a "self-learning" Smart Settings technology and an Adaptive Dynamics suspension set-up. Smart Settings is offered as part of Jaguar's Connect Pro Pack, which also includes a Wi-Fi hotspot and satellite navigation.

Afghanistan join Test ranks with maiden tie against India Afghanistan join Test ranks with maiden tie against India The Bengaluru pitch is expected to have some grass on it, but Simmons hopes it will assist the spinners. Putting speculations to rest, the team fielded all three openers - Murali Vijay, Shikhar Dhawan, K.

United States, Canada and Mexico to jointly host 2026 World Cup CONCACAF, the governing body for soccer in North America, Central America and the Caribbean, has seven slots in the World Cup . The tournament's first game, between host Russian Federation and Saudi Arabia, begins at 6 a.m.

Apple looks set to change their iPhone chargers again and just, ugh Apple looks set to change their iPhone chargers again and just, ugh Apple and most private security experts argue that government contractors and others can usually find means of cracking devices. A customer views the new iPhone 7 smartphone inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016.

Dancing FBI agent appears in court in back flip gunfire case Dancing FBI agent appears in court in back flip gunfire case Multiple sources told 9Wants to Know that Bishop is not assigned to the Denver office and works out of Washington D.C. The FBI agent who allegedly accidentally shot a man while dancing in a Colorado bar has reportedly been charged.

Fed raises interest rates, with more hikes to come Fed raises interest rates, with more hikes to come Most officials also expect the Fed will have to raise rates at least three times in 2019 and then at least once in 2020. The statement omitted previous language saying that the main rate would remain "for some time" below longer-run levels.

Trump celebrates 72nd birthday with big cake in Singapore Trump celebrates 72nd birthday with big cake in Singapore Sung Kim, a USA diplomat, appears at a hotel in Singapore for working-level talks with North Korean officials on June 11, 2018 . The spokesman said Trump told Moon he would send Pompeo to Seoul immediately after the summit to explain its outcome.

Donald Trump & Kim Jong-un arrive at historic summit in Singapore Donald Trump & Kim Jong-un arrive at historic summit in Singapore The two leaders reached their destination by around 8:30 a.m., local time. "I can only say this", Pompeo said. Trump has also said he'd consider inviting Kim to Washington for a second round of talks.

United Kingdom justice minister resigns over Brexit ahead of key votes United Kingdom  justice minister resigns over Brexit ahead of key votes Since then both the UK Labour Party and Conservative Party have made manifesto commitments to delivering the outcome of the vote. Part C would give parliament the power to issue direct orders to the government if no deal was in place by 15 February 2019.

Unleash Your Inner Jedi With The Classic Star Wars Gamer Bundle Unleash Your Inner Jedi With The Classic Star Wars Gamer Bundle However, that does mean that we will never get to see exactly what the conclusion of Lucas' planned story would've been. Star Wars fans will now be thrilled to know that the veil has been partially lifted on Lucas' ideas for the episodes.

Kansas City In The Running To Host World Cup Soccer In 2026 As Davies progresses into a more complete player with each game , his cohorts suddenly also have a huge brass ring to strive for. Montopoli says there could be as many as 1,000 people in the room when the two rival bids make their presentations.

Record bitcoin price propped up by another digital currency Record bitcoin price propped up by another digital currency Several exchanges have been using Tether as a way to quickly facilitate fund transfers, replacing the need to depend on banks. Market manipulators used Tether's USDT token to artificially inflate the bitcoin price during 2017's prolonged bull run.

Five Labour frontbenchers quit over Brexit vote Five Labour frontbenchers quit over Brexit vote The Lords' amendment, which MPs rejected, went further in requiring the withdrawal agreement to be placed on a statutory footing. Compared to the government's proposal, this is a shorter time to respond, and gives parliament a vote to approve the response.