Iran tells Trump: Stop tweeting, it's driving up oil prices

Iran’s President Hassan Rouhani is seen at the airport in Tehran

Saudi Arabia and Russian Federation, which led OPEC and partner countries in reaching last month's production deal, reaffirmed the agreement in statements on Tuesday, saying this will mean increasing oil output by 1 million barrels a day.

Soon after that deal was struck, Trump announced that he had done a separate deal with Saudi Arabia to increase production by "maybe up to 2,000,000 barrels". "Don't forget the one negative to the Iran deal is that you lose a lot of oil, and they [the Saudis] got to make up for it", Trump said on Fox.

Trump's tweet on Wednesday came just a couple of days before OPEC meets in Vienna, and less than a week after the oil producer's cartel agreed to increase output by as much as 600,000 to 800,000 barrels a day to the market.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

Oil is trading near US$78 a barrel, holding most of a rally that saw prices rise to the highest level in more than three years after OPEC's output increase plan was overshadowed by supply disruptions in Libya, Canada and Venezuela.

Overall, however, analysts said OPEC's production policy as well as unplanned supply disruptions were now the main price drivers.

A similar situation occurred last month with two other ports and the National Oil Company has confirmed that the blockages are cutting oil production by 850,000 barrels per day, further tightening global supply.

Trump, Kim Jong-un could meet again in NYC
He said satellite images show that North Korea has expanded a nuclear center and a missile production center. He added: 'What it suggests is that Kim has no intention of surrendering his nuclear weapons'.

Last month, Saudi Energy Minister Khalid Al-Falih said OPEC would increase production by about 1 million barrels daily, though Nigerian Oil Minister Emmanuel Ibe Kachikwu said the boost would amount to 700,000 barrels each day in the second half of 2018.

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

Trump's tweet triggered reaction from Iran, a founding member of OPEC, whose oil exports have been targeted by U.S. sanctions. Rising gasoline prices could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the US economy. The hike in price has created difficulties for all countries especially states like Pakistan that depend heavily on oil imports.

Traders also cited chatter in the market that Mr. Trump would decide to tap the Strategic Petroleum Reserve for extra barrels of crude.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile US action. It's no surprise that Trump wants more Saudi oil on the market, but he likely misunderstood what the Saudis told him. While OPEC is facing mounting pressure from Trump to do more, America's sanctions on group members Iran and Venezuela are adding uncertainties, just as USA tariffs on Chinese goods kick in on Friday.

That kind of talk is part of a broader game Saudi Arabia played to master the oil market.

Meanwhile, China's commerce ministry said on Thursday the United States is "opening fire on the entire world", warning that Washington's proposed tariffs on Chinese goods will hit worldwide supply chains.

Related News:

  • Arsenal transfer rumours: Steven N'Zonzi, Andre Gomes and Lucas Torreira

    Arsenal transfer rumours: Steven N'Zonzi, Andre Gomes and Lucas Torreira

    "I'm really proud, really pleased and excited for this season and what lies ahead", he told Arsenal Player. The 30-year-old Greece worldwide became the club's third signing after Stephan Lichtsteiner and Bernd Leno.
    Uruguay's Cavani has swollen calf, not tear, as France loom

    Uruguay's Cavani has swollen calf, not tear, as France loom

    It was also the birth year of Kylian Mbappe, the 19-year-old who's emerging as one of the biggest stars of the World Cup . In the single game against Portugal they saw five more. "Cristiano still has a lot to give to football".
    Sweden battles past Switzerland 1-0 to reach World Cup quarter-finals

    Sweden battles past Switzerland 1-0 to reach World Cup quarter-finals

    That will not bother the Swedes, who have reached the last eight of this competition for the first time since 1994. In the first half, Lustig dragged a long-range attempt sideways and it went out for a throw-in.
  • China warns its citizens: Travel to USA  carries high-cost risks

    China warns its citizens: Travel to USA carries high-cost risks

    Brussels officials are looking to negotiate a new deal with the US President, who is a fierce critic of the EU's trade policy. A Reuters analysis found just 1% of the 1,102 categories of products imported from China to the USA are consumer goods.
    Keeping your pets safe and secure during fireworks

    Keeping your pets safe and secure during fireworks

    The Saratoga Springs All-American Celebration will wrap up with a live reading of the Declaration of Independence and fireworks. Missoula: The Missoula Osprey will be hosting a fireworks show on July 3 following their home game against the Helena Brewers.
    Two workers critically wounded outside Kansas elementary school

    Two workers critically wounded outside Kansas elementary school

    A SWAT team surrounded the home for about two hours and tried unsuccessfully to make contact with the suspect. The school is part of the Blue Valley School District and is located in the 15800 block of Linden Street.
  • Extreme Heat Continues Into Another Week

    Extreme Heat Continues Into Another Week

    Highs may again drift into the low 90s, but showers and storms in the afternoon and evening may keep numbers down just a little. Most models do indicate most spots will see some rain but there are also a few models indicating several spots staying dry.
    Hollywood Actor Maimed In Kidnap, Ransom Plot

    Hollywood Actor Maimed In Kidnap, Ransom Plot

    The defendants then allegedly demanded either $10,000 or $20,000 in ransom for Capone to be released, according to the indictment. According to the official news release , McCrackin was able to escape and alert police after being driven back to her home.
    Katharine McPhee and David Foster are engaged

    Katharine McPhee and David Foster are engaged

    On Instagram , she shared a glimpse of how it went down by posting a screenshot of a conversation with Jared Eng of Just Jared . Well, he posted a photo with Katharine on Instagram and his daughters were quick to comment.
  • Federer takes sets streak to 26 at Wimbledon

    Federer takes sets streak to 26 at Wimbledon

    He said he "felt good" and "less nervous" than he did in his previous match, his first-round win over Dušan Lajović on Monday. Open champion Stephens, former Wimbledon champions Petra Kvitova and Maria Sharapova lost on Tuesday. "I'm getting there.
    Abortion rights advocates tweet coat hangers pics aimed at swing-vote senator

    Abortion rights advocates tweet coat hangers pics aimed at swing-vote senator

    Possible nominees being eyed include Thomas Hardiman, who serves alongside Trump's sister on the Philadelphia-based 3rd U.S. Eager to build suspense, Trump wouldn't divulge whom he's talking to in advance of his big announcement, set for July 9.
    Real Madrid Deny Making Neymar Offer

    Real Madrid Deny Making Neymar Offer

    But hey, don't take that from us; take it from Florentino Perez and the rest of the guys in charge at the Bernabeu. They will now face Belgium on Friday, who squeezed past Japan after a last-gasp goal from Nacer Chadli.


Most liked

Reliance Introduces its Fiber Broadband Service, Jio GigaFiber and Jio GigaTV
Jio , the company's telecom service, will move India to top five nations in fixed line broadband in coming year, Ambani said. JioGigaFiber will offer smart home solutions such as real-time surveillance and security solutions for homes and enterprises.

Trump blocks Chinese Mobile entry in US on national security grounds
The company didn't intend to offer domestic phone and mobile services, but it would be able to connect to domestic networks. China Mobile applied for the entry in 2011 and is presently the largest carrier of the world with 899 million subscribers.

Motor tariffs could lead to £230bn retaliation — European Union warns Trump
Oil prices also fell after US President Donald Trump put pressure on Saudi Arabia to increase oil production. The EU, Mexico, Canada, Turkey and India introduced duties on United States products in return.

Protester climbs Statue of Liberty base, forcing evacuation
The group behind the banner, Rise and Resist , said the climber wasn't connected to the earlier demonstration. The woman, who was alone, has given "no indication" of why she was climbing the statue, Somma said.

Weston Pass Fire was caused by lightning, containment now at 5 percent
His family has owned the compound since the 1960's. "The sky is very dark, even in the middle of the day", he said. One of their main priorities is to keep the fire from moving south across Highway 128.

Sony accidentally uploads 'Khali the Killer' movie on YouTube
Still, Sony is attempting to promote the digital sales of the film, and getting a free peek at the entire movie kills that goal . Everything falls apart for him as he develops empathy for his targets and is forced to make the toughest decision of his life.

'Fish pedicure' caused one woman's toenails to stop growing
Fish pedicures involve having small fish nibble on a person's feet while they soak in a tub of warm or room temperature water. A study released Tuesday details the case of a woman whose toenails fell off after she had a fish pedicure .

Angelina Jolie was inspired by Meghan Markle with her latest outfit
Her Majesty has rarely been seen being affectionate to Prince Philip in public. Harry and Prince William delighted fans as they took to the field on Saturday.

Confident Sweden keen on England showdown
It is a great game to be in. "I can't explain it in English", Sweden's Kennet Andersson said after the quarterfinal. Confidence was high throughout even though "we were doing it the hard way, we even lost the toss", Southgate said.

Hosepipe ban for County Kildare
Water efficiency manager, Doug Clarke, added: "Demand for water is massively up thanks to several weeks of extremely hot weather". It's calling on customers to reduce their consumption over the weekend - by not using sprinklers and swapping baths for showers.

Trump delaying NAFTA deal until after midterm elections
The penalties will add 25 percent to the cost of United States steel, and 10 percent to aluminum and consumer goods. President Donald Trump spoke late Friday to discuss trade and other economic issues, the White House said Saturday.

In Legal Woes, Cohen Says He'll Protect His Family Over President
Though Cohen claims he can not talk about the specifics of the case, there are some areas where Cohen provides detail. He had tried to get documentary evidence out of the White House to back up his story but had been unable to do it.

Camera Company Light To Produce Smartphones
The L16 works by collecting light information from the 16 different lenses and sensors mounted haphazardly on its back. The company plans to unveil its first smartphone later this year, according to the Washington Post's Geoffrey A.

"Perfect place" for Verstappen to win
A gearbox failure saw him retire from the race on lap 57. I don't really have an explanation for that right now". A very, very mature drive by him".

England end long wait for knockout win
England won 4-3 on penalties to go through to the quarter finals of the World Cup where they will face Sweden. I apologise to the Colombian people, but the players are not to blame as we don't choose the referees.