Trump slams OPEC on Twitter over gas prices

Trump slams OPEC on Twitter over gas prices

Iran's representative to OPEC called on US President Donald Trump to "please stop" tweeting about oil, adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars". Some members should remember that the United States is defending them for little reciprocal benefits, he added. This must be a two way street.

After it had actually taken its decision last month to raise its output by 1m barrel a day effectively from the beginning of this month after conflict between its members who reached more than 100% compliance of the cut deal between OPEC and non-OPEC countries on drop of the production from Venezuela.

Rising gasoline prices in the United States 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 USA economy, Reuters wrote in its report.

An Iranian oil official said the USA president should stop tweeting about oil because Mr. Trump is making the situation worse, according to Bloomberg News.

Trump in an earlier tweet and in an interview on Fox News last Sunday said he wanted oil exporters to provide an additional 2 million barrels a day of production. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat. A figure of 32 million barrels per day is agreed, but the real increase will not be the optical one million barrels per day, but rather the aforementioned 650,000 one.

West Texas Intermediate crude oil is trading for US$73.09 per barrel.

Chinese stocks fell sharply on Tuesday, with equity markets in Asia near nine-month lows as investors fear the Sino-U.S. trade row could derail a rare period of synchronized global growth.

David Beckham and Zlatan Ibrahimovic place wager before World Cup clash
Sweden lags as a +370 bet on Saturday's World Cup odds , and are also pegged as distant +2500 longshots on the championships odds. Andersson's men are aiming to reach the last four for the first time since 1994 when they finished third in the United States.

Apple Music is now "a hair ahead" of Spotify in the US
Back in February the Wall Street Journal learned Apple Music was on pace to surpass Spotify in terms of paid USA subscribers. Despite launching almost four years later, Apple Music's subscriber count has reportedly surpassed that of Spotify.

Elon Musk offers help in Thailand cave rescue
As more heavy rains are expected throughout the next few days, many have been trying to get creative with ways of helping. A spokesperson for Musk also said SpaceX representatives are in talks with the Thai government, according to Express UK .

The White House said Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud agreed to raise output after the Trump administration ordered all countries to stop buying oil from the Islamic Republic by November or face USA sanctions, as part of Trump's withdrawal from the Iran nuclear deal.

Brent crude futures lost 85 cents to settle at $77.39 a barrel. The oil boss also accused Trump of fomenting tensions in the Middle East, specifically by pitting Iran against Saudi Arabia.

Antoine Halff, formerly a chief oil market analyst at the International Energy Agency and now senior fellow at Columbia University, said that Trump made three errors in his tweet: OPEC can influence market prices but is not a monopoly. Oil output cuts by Opec and allies, including Russian Federation, since January 2017 have reduced a glut of crude.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile U.S. action.

Consultants Kpler estimated the kingdom's oil exports rose by 407,000 bpd in June to 7.62 million bpd compared with May. Oil prices will not collapse and they will sell more oil.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

Related:

  • Marcus Smart reportedly frustrated with the Celtics

    Marcus Smart reportedly frustrated with the Celtics

    If Smart doesn't get any other offers, he'd likely have to accept the one-year, $6 million qualifying offer from the Celtics. Apparently, president Danny Ainge is yet to reach out to Smart and his representatives and it's angered the player.
    Johns Hopkins Hospital Evacuated Over Possible Tuberculosis Exposure

    Johns Hopkins Hospital Evacuated Over Possible Tuberculosis Exposure

    In 2016, about 10.5 million people became ill around the world with tuberculosis, and 1.7 million were killed by it. A cancer research building at 1500 Orleans St. was evacuated, according to Baltimore Fire Chief Roman Clark.
    Throng of volunteers gather to rescue Thai boys trapped in cave

    Throng of volunteers gather to rescue Thai boys trapped in cave

    However, cave rescue specialists have cautioned against that approach except as a last resort, because of the dangers it poses. He said engineers from his Boring Co and SpaceX companies needed to be on site to appreciate the complexities of evacuation.
  • Wimbledon ball girl in tears after being struck by Nick Kyrgios ace

    Wimbledon ball girl in tears after being struck by Nick Kyrgios ace

    Zverev hammered Australian James Duckworth 7-5, 6-2, 6-0, while Del Potro eased past Peter Gojowczyk of Germany 6-3, 6-4, 6-3. Tomic, who plays Kei Nishikori in the second round, said after his win that: "I feel like I'm a risky player here".
    Trump's scandal-hit environment chief Pruitt resigns

    Trump's scandal-hit environment chief Pruitt resigns

    But at the same time , Pruitt was one of the most effective implementers of the President's agenda. It was not immediately clear how Pruitt's resignation might affect those ongoing probes.

    Retaliatory Measures Against US Tariffs Already In Effect, Says China

    China's tariffs on major USA exports like soybeans, sorghum, and autos, target Republican areas ahead of U.S. midterm elections. Put this all together, and our baseline case is that GDP will rise in the second half of 2018 at a rate of 6.7% year on year.
  • Elizabeth Warren Slams President Trump Over $1Million DNA Challenge

    "Maybe you should focus on fixing the lives you're destroying", she tweeted . That's her only evidence, that her mother said she had high cheek bones.
    Tony Parker to leave Spurs after 17 years with Spurs

    Tony Parker to leave Spurs after 17 years with Spurs

    Parker is the third player in National Basketball Association history to play at least 17 seasons with one team before leaving. After 17 seasons with the San Antonio Spurs , Tony Parker has reportedly agreed to a deal with the Charlotte Hornets .
    China blocks Micron sales amid US  trade tensions, chip battle

    China blocks Micron sales amid US trade tensions, chip battle

    In January 2018, UMC and Jinhua filed patent infringement suits in Fujian Province, China against Micron's China subsidiaries. UMC filed the lawsuit at the beginning of year, accusing Micron of violating its patents rights in mainland China.
  • Shots fired: U.S.-China trade war begins

    Shots fired: U.S.-China trade war begins

    China retaliated immediately with tariffs on American goods of the same value. Asian equities wobbled but also managed to end up. And enduring the pinch isn't going to pay off.
    Truck Driver Facing 29 Charges for Humboldt Broncos Crash

    Truck Driver Facing 29 Charges for Humboldt Broncos Crash

    Police say the uninjured truck driver was initially detained but later released and provided with mental health assistance. In the days following the crash, a GoFundMe page raised over $16.5 million for the families affected by the tragedy.
    Islamic State leader's son killed in Syria fighting

    Islamic State leader's son killed in Syria fighting

    Al-Baghdadi has been reported killed or wounded on a number of occasions but is widely believed to still be alive. Nussayriyyah is the term used by Daesh for the Alawite religious minority sect of President Bashar Al Assad.

Comments

Latest news

Billy Preston, Collin Sexton, Cedi Osman headline Cavaliers Summer League roster
Terry played the entire 2017-18 season with the Hornets' G-League team as he made some noise in Greensboro. The Chicago Bulls Summer League team will take the court on Saturday night at 8:30 p.m.

U.S. businesses, farmers decry tariff bullies in Washington
Chinese exporters of tools, lighting and appliances say US orders have shrunk as customers wait to see what will happen to prices. But some products, including thermostats, are lumped into intermediate and capital goods categories.

Netflix Is Getting Rid Of User Reviews
The company said that in testing, it saw a 200 percent increase in ratings activity when using thumbs. Then in mid August it will delete its user-generated review archive altogether.

Meghan Markle : how it builds on Kate Middleton to shine
On Friday, Kensington Palace made an official announcement about the royal couple's involvement in the July 5 gathering. Thomas Markle has spoken of his regret at not attending the wedding of his daughter Meghan to Prince Harry .

Henderson admits he may be off penalty duty after Colombia miss
I think that they aren't ready to make history at the moment. "The goalkeeper is 10cm shorter than me", Courtois told Voetbal24. HE'S England's newest hero after his stunning save set up the Three Lions' first-ever World Cup penalty shoot-out win.

Belgium - World Cup - 7 July 2018
Brazil beat Mexico 2-0 in the last 16 of the World Cup and put on their best performance at the tournament so far . Notable: Dating to 1998, Brazil's last six World Cup losses have all come against European opposition.

A European team will win the World Cup, again
So, the idea of the World Cup "coming home" has decidedly shaky historical roots. And it's not just the feel-good factor we have to smile about.

Australia lifts the ban on We Happy Few following successful ratings appeal
We Happy Few is the latest video game project to butt heads with Australia's notoriously stringent rating process. Compulsion Games was prepared to refund Australian players if they were unable to successfully appeal the ruling.

Diver dies in Thailand cave rescue operation
Like the situation with the boys in Thailand , getting them out was an worldwide effort and captivated the world until the end. About 1000 people are involved in the rescue operations, including navy divers, military personnel and civilian volunteers.

Trudeau Addresses Allegation He Groped Female Reporter
On this episode of 10/3 host Dave Breakenridge is joined by National Post reporters Adrian Humphreys and Marie-Danielle Smith. She told the Canadian Broadcasting Corp and other media that she did not want to be named or contacted about the story.

Saturday's Pringles Preview: Sweden face England, Russia and Croatia to clash
He said at the minimum his team would repeat the success it had at the World Cup in France in 1998 where it got the bronze medal. Prior to the World Cup, all eyes were on Emil Forsberg to deliver for Sweden , and he has not disappointed so far.

Keri Russell Cast in Star Wars: Episode IX
Production on Episode IX will begin at the end of July with more cast announcements likely to be revealed before filming starts. As well as the lead role in FX's acclaimed show The Americans , Russell also appeared in Dawn of the Planet of the Apes .

Grayson Allen Got Called For A Tripping Foul In NBA Summer League
Through the first few days of Summer League action, passion and competitive fire are about all Allen or Young have to show for themselves.

ANAS: Lunar eclipse to take place in July
However, those who live in the United States will have to travel to catch a glimpse of the once-in-a-century lunar eclipse. It is said the full eclipse will last over an hour and 30 minutes, whereas the partial eclipse would last over an hour.

Syria rebels begin new talks with Russia over peace deal-rebel spox
Jordan, which has recorded some 650,000 Syrian refugees to the United Nations on its soil, says it can no longer accept more. In a statement Monday, the civilian half of the opposition's delegation said they had withdrawn from talks .

Other news