Saturday, 21 July, 2018

The New Oil Cartel Threatening OPEC

US oil touches $75 amid fears Iran will block Middle East shipments Jean Paul Pelissier Reuters
Orlando Vargas | 07 July, 2018, 11:45

For the week, WTI futures lost about 0.5 percent after hitting a 3-1/2-year high on Tuesday, while Brent lost about 3 percent.

President Donald Trump used Twitter on Wednesday (July 4) to express his frustration with high U.S.

Oil was trading at over $78 per barrel of the Brent benchmark on Thursday, while US West Texas Intermediate was trading at $74.55.

Net U.S. crude imports rose last week by 1.4 million barrels per day.

On Wednesday, US President Donald Trump accused oil cartel Opec of driving up fuel prices. If anything, they are driving prices higher as the USA defends many of their members for very little $'s. "This must be a two way street, REDUCE PRICING NOW!"

However, oil prices have shot up and Trump, anxious about the impact on U.S. voters ahead of November midterm elections, is appealing to the Saudis for help.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the USA decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

Brazil, Uruguay, England? Who wins Russian Federation 2018?
None of the teams in this side of the draw would have begun the tournament with realistic expectations of reaching the final. Wimbledon chief executive Richard Lewis said: "It has not been a discussion other than, "we are two o'clock and that's it".


'The biggest trade war in economic history'
The financial jousting prompted worry that the cost of a wide range of goods to soar. Treasury attache in Beijing, said in a Bloomberg Television interview on Thursday.


Jordan to talk to Russia as Syria fighting displaces 270,000
The opposition wanted to surrender them in stages after tens of thousands of displaced people returned home, he said. The hand-over process in Busra al-Sham is expected to be completed on Tuesday, said SANA.


Despite ongoing geopolitical and diplomatic turmoil, OPEC and its new petro allies-led by Russia-emerged with an agreement to boost crude output by 1 million barrels per day (b/d) in the name of "market stability".

"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said.

"If Trump continues to believe that OPEC are not doing enough, we would not rule out an SPR (Strategic Petroleum Reserve) release from the USA, or possibly even export restrictions on petroleum products", ING said in a note.

Energy consultancy FGE on Friday issued a stark warning of looming supply shortages due to USA sanctions against Iran, and because of disruptions elsewhere.

The Saudi Cabinet "affirmed the Kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in co-ordination with other producing countries", according to a report by the Saudi Press Agency.

Iran's OPEC Governor Hossein Kazempour Ardebili on Thursday took a shot at President Trump's comments, saying, "Your tweets have increased the prices by at least $10". Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively. Next, let's look at Saudi Arabia.

U.S. crude inventories probably declined by 5 million barrels last week, according to a Bloomberg survey. "Because the oil market is already in tight supply due to the numerous outages, this would drive global prices (Brent) further up", Commerzbank said in a note. That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.

Recommended

President’s tour of historic UK… avoiding the protests in London President’s tour of historic UK… avoiding the protests in London The Trumps will spend Thursday night at the United States ambassador's residence, Winfield House , by Regent's Park in London. On Friday morning, Trump and May will visit an as-yet unnamed defence site connected to joint UK-US military training.

Paul Merson predicts Sweden v England and Russian Federation v Croatia Paul Merson predicts Sweden v England and Russian Federation  v Croatia Sweden were second behind France in their World Cup qualifying group, beating Les Bleus in Solna to help stay ahead of Holland. However, the Scandinavians would then not qualify for the finals again until 1970 in Mexico.

Belgium hold off Brazil in thriller to reach semis Belgium hold off Brazil in thriller to reach semis For the third time in a World Cup - after 1982 and 2006 - the semifinals will feature only European teams . The 1-0 scoreline didn't last long, as Belgium doubled their lead just after the half-hour mark.

Israel threatens to strike Syria government forces near Golan Heights Israel threatens to strike Syria government forces near Golan Heights Rebels then handed over some 275 square kilometres of border territory without a fight, said Observatory chief Rami Abdel Rahman. The assault has pushed more than 320,000 people to flee, but SANA said the deal would see them return to their homes .

Northern white rhino 'could be saved from extinction' Northern white rhino 'could be saved from extinction' The embryos reached the blastocyst stage-a relatively developed stage which boosts the chances of pregnancy after transplantation. The female eggs ended in the laboratory of Avantea in Italy, the world's leader in artificial reproduction for large animals.

Tony Parker Disputes Way Relationship With Kawhi Leonard Has Been Portrayed Tony Parker Disputes Way Relationship With Kawhi Leonard Has Been Portrayed Parker is the third player in National Basketball Association history to play at least 17 seasons with one team before leaving. He did not coach in Games 3, 4 or 5 (Spurs assistant coach Ettore Messina handled those duties) vs.

RCMP announce arrest in Humboldt bus crash RCMP announce arrest in Humboldt bus crash Fox said there are a range of outcomes that can result - including no charges being laid. Another meeting was held for families of victims in Edmonton.

Trump says his awkwardly capitalized tweets are no mistake Trump says his awkwardly capitalized tweets are no mistake Rowling attends the press preview of Harry Potter and the Cursed Child at the Palace Theatre in London in 2016. And Rowling was not the only person to get in on the fun. "Love Hate", Rowling tweeted alongside the photos.

Anthony Bourdain worth $1.21M at the time of his death Anthony Bourdain worth $1.21M at the time of his death A guardian will be picked by the court to "safeguard" the handling of Ariane's inheritance, as she's still a minor. He left similar instructions for other things, such as his auto , clothing and books.

Britain demands answers from Russian Federation over second nerve agent poisoning Britain demands answers from Russian Federation  over second nerve agent poisoning But Russia quickly hit back, denouncing Britain for playing "dirty political games" and demanding London apologise. A hospital spokeswoman said Thursday they were "acutely ill" and the focus of their treatment was "stabilisation".

Wimbledon 2018 Results: Winners, Scores, Stats from Wednesday's Singles Bracket Wimbledon 2018 Results: Winners, Scores, Stats from Wednesday's Singles Bracket Romanian 29th seed Mihaela Buzarnescu thrashed British teenager Katie Swan, 6-0, 6-3 to extend her remarkable renaissance. Open runner-up was a quarter-finalist at Wimbledon in 2015 but has struggled to build on that in the last two years.

Apple's 2018 iPhones Coming in Bold New Colors Apple's 2018 iPhones Coming in Bold New Colors Aside from new color options, Kuo floated some possible pricing for Apple's upcoming handsets. The speculated 6.1-inch LED iPhone may debut in white, blue, red, grey, and orange.

Court imposed deadline to reunite immigrant families rapidly approaching Court imposed deadline to reunite immigrant families rapidly approaching The organization said they'd never heard of DNA testing being done to reunite families before and they don't support the move. "We have a vital and historic mission here to protect these children", he said.

Sweden's Granqvist ready to show England what they missed Sweden's Granqvist ready to show England what they missed England fans have bought 34,235 tickets so far for this World Cup, putting them in the top 10 for tickets purchased. The statistics do not make good reading for England , with just one victory over Sweden in the past eight matches.

Ed Schultz Dies At 64 Ed Schultz Dies At 64 He died of natural causes in Washington D.C., according to WDAY-TV, the Fargo, North Dakota, station where he got his start. Schultz's political views shifted in 2000, at which point he began identifying as a Democrat.