Tuesday, 18 September, 2018

Can Trump influence OPEC?

Anyone trying to take away Iran's oil market would be committing great treachery against Iran and will one day pay for it' Iranian Vice President Eshagh Jahangiri said on Sunday Iran to allow private sector to export oil, beat US sanctions
Orlando Vargas | 05 July, 2018, 16:10

Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, exports about 2 million barrels of crude oil per day.

Turkish authorities were the first to downplay sanctions, when Ibrahim Colin, spokesman for Turkish President Erdo?an, said that Turkey does not accept the USA threat and it will not adhere to US sanctions on banning oil imports from Iran and it will act according to its economy's interests.

Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction 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.Prices to high!

Iranian OPEC Governor Hossein Kazempour Ardebili said on Thursday that Trump had raised oil prices through his tweets.

Two posts on Twitter in June criticised Opec prices for being too high.

The planned production increase was meant to balance the market as global oil prices have been steadily rising, edging closer to $80 per barrel last month.

"What we're seeing is an interesting dynamic between USA prices and global prices", Smith says.

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.

Traders in Asia are trying to gauge which way it will go when state-owned Saudi Arabian Oil Co., known as Saudi Aramco, publishes monthly official selling prices this week.

Pompeo to travel to N Korea for talks with Kim Jong
Two U.S. officials said the Trump administration had stepped back from its CVID demand on South Korea's advice. Trump tweeted "Just landed - a long trip, but everybody can now feel much safer than the day I took office".


Arizona woman, 92, shoots 72-year-old son to death, police say
A 92-year-old Arizona woman who didn't want to move to a nursing home might be spending the rest of her days in prison instead. Anna Mae Blessing lived in Visalia, California, from 1990 to 1992 and in Kissimmee, Florida, from 1992 to 2017, records show.


Real Madrid deny making offer for Neymar
The statement was published hours after Neymar scored to help Brazil beat Mexico 2-0 and advance to the World Cup quarterfinals. Neymar's future has been the subject of intense speculation over the past few months and a return to La Liga has been discussed.


Last month the country led a decision by OPEC and its partners - including Russian Federation - to increase supply, following pressure from the U.S.to cap rising oil prices.

Recent price rises have also been spurred by a USA announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

In May, the USA retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets.

Ardebili also noted that Trump is impolite in his rhetoric, and Middle Eastern producers never respond in the United States president's style.

Saudi Arabia has said it is ready to use its spare production capacity in order to help balance the global oil market, according to a Cabinet statement released on Tuesday. But with inventories already below five-year averages and little spare capacity available, oil markets look set to tighten. "The Iranian government has a plan".

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya. Iran Oil Minister Bijan Namdar Zanganeh said any production increase above limits agreed to by OPEC would "breach" the deal, according to a letter he sent to OPEC President Suhail Al Mazrouei.

You can follow prices on Markets Insider. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

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