Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

Saudi Arabia's Minister of Energy Industry and Mineral Resources Khalid Al Falih speaks during a press conference with his Russian counterpart Alexander Novak at the Ritz Carlton Hotel in the capital Riyadh on Feb. 14 2018

Oil has been buffeted lately as U.S. President Donald Trump - facing high retail gasoline prices ahead of midterm elections - pushes Saudi Arabia to boost output.

Oil was trading at over $78 per barrel of the Brent benchmark on Thursday, while US West Texas Intermediate was trading at $74.55. US crude futures were up 32 cents at $74.46, within sight of Tuesday's 3-1/2-year high above $75.

While Trump says he wants lower oil prices, United States sanctions against OPEC members Iran and Venezuela are adding uncertainty to the market, causing prices to spike.

If the Saudis are indeed prepared to cave to Trump, it creates an existential threat to OPEC which may see Iran and other members quit immediately, if Riyadh has made a unilateral decision to pump more. If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

Oil will soon cost $100 per barrel due to supply disruptions caused by U.S. President Donald Trump, Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russian Federation would help bring down prices were in vain. This must be a two way street. Many coutries have not committed to the U.S. ban, and if prices rise, Iran may ultimately take in just as much money even with fewer exports.

A Reuters survey estimated USA crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29.

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.

USA light crude CLc1 settled up 20 cents at $74.14 a barrel, rebounding from a session low of $72.73 a barrel.

Oil prices have gained over three per cent since Opec and allies announced on June 22 to raise output to meet production caps set in 2016.

Vijay Valecha, chief market analyst at Century Financial Brokers, said the UAE's crude oil production peaked in October 2016 at 3.13 million bpd and has declined since then in line with the Opec production cuts.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile USA action. "Please stop this method", the Iranian oil ministry's news agency, SHANA, quoted Kazempour as saying.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction (sic) in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference..." 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 U.S. tariffs on Chinese goods kick in on Friday.

In post-settlement trade, prices extended gains after the American Petroleum Institute said crude stockpiles had fallen more than expected last week.

Related News:



Most liked

Drinking coffee could lower risk of death, study finds
Overall, coffee drinkers were about 10 percent to 15 percent less likely to die than abstainers during a decade of follow-up. They found that participants without a college degree more commonly drank instant coffee compared to college graduates.

Samsung phones sent photos to random contacts, users say
This will keep your phone from sending anything stored on it, whether you're looking to do that intentionally or not. The seemingly misbehaving app is the default messaging tool on Samsung's Android devices .

Australian bishop sentenced to year's detention for coverup
The magistrate found Wilson had at that stage obtained the level of belief needed to report what he knew to authorities. In sentencing Wilson, Magistrate Robert Stone said that the archbishop did not show any "remorse or contrition".

Conservative lawmakers pile Brexit pressure on British PM May
Before the away-day, May will meet Dutch Prime Minister Mark Rutte on Tuesday and German Chancellor Angela Merkel in Berlin on Thursday.

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.

ATP Wimbledon: Roger Federer rolls past Lacko to tie Jimmy Connors' record
Venus reached her ninth Wimbledon final past year , but the American star was denied a sixth title by Garbine Muguruza. "It was insane .

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.

HNA Says Co-Chairman Wang Jian Died After Accident in France
Sources close to the company said Wang took a hands-on approach to running the company although Chen tended to be its public face. Mr Wang was reported to be among a group of tourists who were visiting Bonnieux , in the Vaucluse area of Provence.

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.

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.

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".

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 .

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.

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.