Tuesday, 19 June, 2018

U.S. asks OPEC to increase oil production

Oil prices higher on Venezuela exports concerns Please OPEC Please! The Energy Report 06/05/18
Orlando Vargas | 10 June, 2018, 08:15

The rare request came after USA retail gasoline prices surged to their highest in more than three years and President Donald Trump publicly complained about OPEC policy and rising oil prices on Twitter.

Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is almost a month behind in shipping crude to customers from its main oil export port, according to Reuters data, as chronic delays threaten to breach state-run PDVSA's crude supply contracts if they are not quickly cleared.

Industry data released yesterday from the American Petroleum Institute had said USA crude inventories fell by 2M barrels last week.

OPEC is in its second year of an effort to erase a surplus in global crude oil inventories through coordinated production cuts. Saudi Arabia took this decision because high oil prices could help the stock exchange float of the Saudi Aramco's stake.

US drillers added one oil rig in the week to June 8, bringing the total count to 862, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report.

Oil traded near US$65 a barrel as an industry report showing a drop in American crude stockpiles countered fears about a potential Opec supply boost. However, the deal will expire at the end of this year.

Obama admin lied about Iran market access
They warned that unless Tehran was willing to give up more , the USA shouldn't give Iran anything more than it already had. Now it has become clear that even the terms that were ultimately agreed to were not honored by the Obama Administration.


Chinas ZTE signed preliminary agreement to lift US ban
The company will also have to keep a team of "compliance coordinators" for the next 10 years, which will be selected by the DoC. He added the United States ban had caused "huge losses for the company" which had been forced to pay a "disastrous price".


England's starting XI vs Tunisia has reportedly been revealed
England's final game of the Group stages of the World Cup is against Belgium on Thursday 28 June at 7 pm. I think he could sell it to the nation that this is just one for experience.


Headlines on OPEC members' plans for the meeting later this month will lead to volatile market swings, said Tariq Zahir, managing member of Tyche Capital Advisors in NY.

Since the original global sanctions were lifted in January 2016, Iran has struggled to raise production above 4 million barrels per day.

Opec and Russian Federation meet on 22 June to discuss production policy.

Saudi Arabia and Russian Federation were already discussing raising Opec and non-Opec oil output by about 1-million bpd, sources familiar with the matter said on May 25.

"No one in OPEC will act against two of its founder members", he said.

The Latin American oil producer is already subject to USA sanctions and faces the prospect of stiffer penalties after a panel enlisted by the Organization of American States last month accused President Nicolas Maduro of committing crimes against humanity. "The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row", said the report. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! India and China also raised concerns about high oil prices in separate calls with Falih. "But then Trump and the Iran nuclear deal happened and consuming nations started to complain".

Recommended

A one time shot, Trump says of summit with N Korea A one time shot, Trump says of summit with N Korea It was fun to see them", he said. "The people of Canada are wonderful, and it's a great country, and a very attractive country". But classmates of the future president said that while there, he got a firsthand taste of the terrors of the atomic age.

UFC 225: Australia's Robert Whittaker primed for Yoel Romero fight UFC 225: Australia's Robert Whittaker primed for Yoel Romero fight UFC middleweight champion Robert Whittaker easily hit the mark, but after a hard cut, his opponent, Yoel Romero did not. The main event is positioned on top of arguably the most exciting card of action the UFC have put together this year.

Golden State Warriors: 3 takeaways from Game 4 vs. Cavaliers Golden State Warriors: 3 takeaways from Game 4 vs. Cavaliers Steph went out and recruited K.D. "I was there in the Hamptons (at the Durant recruiting session) when we had that discussion". In our Game 4 takeaways, we will try to ignore the future and focus on the present for one more day.

Mercedes delay new engine until after Canada Mercedes delay new engine until after Canada But others have also found the track to their liking including two of Hamilton's biggest challengers. That emotionally charged weekend was capped off by a sixth win in Canada.

Justify completes Triple Crown with Belmont triumph Justify completes Triple Crown with Belmont triumph The 2018 Belmont Stakes Saturday will determine whether Justify clinches the Triple Crown or comes up a race victory short. Justify , who went off as a 4-5 favorite, held off Gronkowski and Hofburg , who finished second and third, respectively.

'One-time shot' for peace with North Korea 'One-time shot' for peace with North Korea Chen Ziyang, 28, who was queueing for a picture, said the impersonators had "almost 99 percent resemblance to the real Kim and Trump".

New Star Wars Game Could Be Teased at EA Play New Star Wars Game Could Be Teased at EA Play Jedi Fallen Order seems like a single-player title, featuring a harrowing story. "So it's gonna be spectacular". Now, it's Respawn, so you know what the team can do with its Titanfall games.

Electronic Arts debuts PC game streaming service at E3 2018 Electronic Arts debuts PC game streaming service at E3 2018 You can look forward to the following features below to be expanded on when more on Origin Access Premier is announced . It won't serve as a backlog for games but will instead add all new PC games for free when they're released.

Halep overcomes Muguruza to take place in Roland Garros final Halep overcomes Muguruza to take place in Roland Garros final The match was at its best in the first set but was rarely less compelling as Halep completely justified her number one ranking. Halep was closing in on the title she craved so much, while Stephens was wilting fast, and a comfortable hold made it 5-0.

Verizon names tech chief as CEO, putting 5G network over content Verizon names tech chief as CEO, putting 5G network over content Wells Fargo Analyst Jennifer Fritzsche said the choice of Vestberg speaks volumes about Verizon's future priorities. McAdam will remain executive chairman until the end of the year and then become nonexecutive chairman.

President Trump Signs VA Mission Act, Valley Resident Present At Ceremony President Trump Signs VA Mission Act, Valley Resident Present At Ceremony The bill was a bipartisan proposal that garnered the support of the White House and 38 veterans service organizations, he added. Like private providers, it can also struggle to fill openings left by retiring doctors from the baby boomer generation.

Lava from Hawaii's Kilauea volcano creates almost a mile of new land Lava from Hawaii's Kilauea volcano creates almost  a mile of new land It has forced the shutdown of a geothermal energy plant that normally provides about a quarter of the island's electricity. David Ige signed a memorandum of understanding that freed up $ 12 million in immediate disaster relief to the island.

Warriors complete sweep of Cavaliers to claim National Basketball Association title Warriors complete sweep of Cavaliers to claim National Basketball Association  title His eighth straight appearance didn't go well either, and now there's uncertainty where the superstar will play next. He had 23 points, 8 assists and 7 rebounds, which isn't bad when you consider he was playing with only one hand.

Maria Sharapova hits back at Serena Williams in book row Maria Sharapova hits back at Serena Williams in book row I think more when I do play Madi, it's just - on the court it's very competitive". "She was the aggressive one", Sharapova said. Backed by fans who loudly chanted her first name between games, Halep went ahead 3-0 with the help of only one victor .

Warriors beat Cavaliers for third National Basketball Association title in four years Warriors beat Cavaliers for third National Basketball Association  title in four years His eighth straight appearance didn't go well either, and now there's uncertainty where the superstar will play next. His 98 career threes in the Finals are also a record that will most likely continue to rise in the coming years.