Trump Says OPEC To Blame For High Oil Prices

22 June, 2018, 16:14 | Author: Shannon Aguilar
  • Saudi Arabia’s energy minister may face his toughest test when OPEC members meet. Bloomberg’s Heesu Lee reports

Last week, US President Donald Trump, once again, reiterated that oil prices were too high.

Meanwhile, U.S. crude stockpiles fell more than expected last week, while gasoline and distillate inventories built, industry group the American Petroleum Institute said late Tuesday, ahead of the government's report on Wednesday at 10:30 a.m. (1430 GMT).

USA shale producers can step up to meet any supply deficit, but Roberts and Phil Flynn, senior energy analyst at the Price Futures Group, said it takes time for them to increase output because of the nature of shale mining. "It's going to be the most interesting meeting for a while".

But it's Iran and Venezuela-founding OPEC members and those most affected by USA sanctions and unable to boost production-that are most vehemently opposing an increase in the cartel's production. So as Iran cuts back by 500,000 barrels a day, something like that, Saudi is talking about filling that gap there.

From outside, Trump is attacking the cartel on Twitter for artificially inflating prices and lobbying hard behind the scenes for a significant production increase.

On a related note, Pradhan is slated to attend the OPEC meeting in Vienna on June 20.

United Kingdom police investigating cause of "minor explosion" at underground station in London
Emergency services attend the scene of a small explosion at Southgate Underground station, in London , Tuesday June 19, 2018. A police spokesman said: 'Southgate Tube station is now closed whilst officers respond to a suspicious package.

Strong natural disaster hits Osaka, Japan
The quake disrupted some of Japan's usually meticulous train services from Osaka to other major cities including Tokyo and Nagoya. No Indonesians were reported to be injured as of 10 a.m. but the disaster killed two and injured 10 others.

Theresa May accused of being 'sneaky' on Brexit Bill
Rebel MP Anna Soubry said the last minute change to the wording of the amendment was "unforgivable" and "very disappointing". She said she "recognised" the concerns of Tories who want MPs to have more of a say if no Brexit deal is reached.

Suhail bin Mohammed Faraj Faris Al Mazrouei, also President of the Organisation of Petroleum Exporting Countries (OPEC) Conference for 2018, was speaking ahead of 174th meeting which kicks off on June 22 in Vienna, Austria. "If the two want to act alone, that's a breach of the cooperation agreement", the official said. Saudi Arabia and Russian Federation have already boosted production modestly, and have indicated they were prepared to increase output at that meeting, Reuters reported.

"There is an element of self-preservation in seeking to do this, as while most oil producers prefer higher prices they will also want to avoid a scenario where prices reach a level where demand drops off sharply, thus triggering a global slowdown, as well as accelerating the push for renewable (energy)", he said.

The signatories to the OPEC-non-OPEC deal are now considering possible changes to the terms of the deal, in particular, the possibility of increasing oil production. Some OPEC members back increasing output by the lower end of the 300,000 to 600,000 barrel a day range, one of the people said.

Whether they can convince those producers whose output is falling to accept an outcome where prices are lower than they might otherwise have been could have implications for not just near-term oil prices but the stability and effectiveness of OPEC in future. "A meaningful increase in long-haul flows from some of the key OPEC exporters would go a long way in turning the crude tanker market around, especially since it will impact the physical market as well as provide a boost to the all-important market psychology".

Deputy director of energy policy of the Institute of Energy and Finances, Alexey Belogoriev, agreed with the fact that the price of $60 per barrel is enough for participants in the OPEC deal.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.

Recommended:

  • Neymar a victim of fouling, Germany’s problems grow

    Neymar a victim of fouling, Germany’s problems grow

    After taking on Switzerland , tournament favourites Brazil go up against Costa Rica and Serbia in their other Group E fixtures. His 2016 hiring hasn't seemed to affect the team's results and has been heavily scrutinized by Mexican media.
    Joachim Low: 'Germany will not change game plan following Mexico loss'

    Joachim Low: 'Germany will not change game plan following Mexico loss'

    He took to the field as a substitute towards the end of the match against Germany , notching an appearance in a fifth World Cup . With the "Fubo Premier" bundle, you will get access to all four of the World Cup soccer TV channels in most markets.
    US  judge sends Manafort to jail pending trial

    US judge sends Manafort to jail pending trial

    The order marked the latest fall for the political power broker and confidant of Republican presidents dating to George H.W. Asked whether he might consider pardoning former aides and advisers, Trump answered, "I don't want to talk about that".
  • Brazil’s Tite wary of Swiss threat after big guns struggle

    Brazil’s Tite wary of Swiss threat after big guns struggle

    The Swiss also have pedigree in opening World Cup games, beating eventual champions Spain in their opener of the 2010 World Cup. This game is important and we're looking for three points. "We need to win the ball back quickly and counter-attack quickly".
    Phillies fan injured by flying hot dog launched by Phanatic

    Phillies fan injured by flying hot dog launched by Phanatic

    Although she didn't suffer a concussion, she ended up with a small hematoma in her eye and a bruised face. The Phillies reportedly apologized to McVay and invited her to be a guest at a future game.
    Magnitude 6.1 quake in Japan's Osaka area kills three, stops factories

    Magnitude 6.1 quake in Japan's Osaka area kills three, stops factories

    Japanese government spokesman Yoshihide Suga said there were no reports of major damage as of 8.30am (local time). The tremor caused power outages in some areas, suspending train operations during the morning commuting hours.
  • North Korea's Kim meets China's Xi following Trump summit

    North Korea's Kim meets China's Xi following Trump summit

    Kim praised China's "important role in protecting the Korean Peninsula's peace and stability", state-run CCTV said. This year, he has met Chinese President Xi Jinping twice, South Korean President Moon Jae-in twice and Trump once.
    China Blasts New US Tariff Threat, Warns It Will Retaliate

    China Blasts New US Tariff Threat, Warns It Will Retaliate

    What's more, unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China. USA stock markets are opening sharply lower Tuesday as tensions over trade between the US and China seem closer to a boil.
    Five dead following Border Patrol vehicle  chase in Texas

    Five dead following Border Patrol vehicle chase in Texas

    The chase started when a border control agent spotted three vehicles traveling together and became suspicious of smuggling. Images from the scene appeared to show a large four-door SUV-style vehicle badly wrecked in the middle of the road.
  • Mbappe seals France progress as enthusiastic Peru show limitations

    Mbappe seals France progress as enthusiastic Peru show limitations

    French captain Hugo Lloris is the 7th player to reach 100 caps with France - keeping a clean sheet in this match. Guerrero saw a first-half shot saved, while Pedro Aquino struck the outside of the post early in the second.
    Instagram's IGTV app goes live on Android and iOS

    Instagram's IGTV app goes live on Android and iOS

    IGTV will automatically begin playing vertical videos from people that the user follows as soon as one log in. Instagram also announced that it now has a billion monthly active users, up from 800 million in September.
    Bert van Marwijk

    Bert van Marwijk "proud but disappointed" after Australia defeat by France

    Kylian Mbappe became the youngest player to represent France at a World Cup at 19 years, 178 days. Australia made their way to the World Cup after beating Syria in the play-off encounter.


Popular

Maurizio Sarri's agent 'in London to complete Chelsea move'
At Chelsea I think it will be the same.' He added. "At Napoli , we enjoyed it so much and the supporters enjoyed it so much, too". Maurizio Sarri has put forward his demand to sign Gonzalo Higuain this summer from Juventus once he becomes Chelsea manager.

Doors of BJP open for all political parties including PDP: Ashok Koul
This weekend, on June 23, the BJP's Shah is coming to Jammu attend to a function to mark the death anniversary of Mookerjee. The BJP's decision to come on board with PDP was well reasoned, as it seemed appropriate and far-sighted.

North Korea, China discuss 'true peace', denuclearisation - KCNA
North Korea announced ahead of the Singapore summit the suspension of its ICBM testing and also closed its nuclear bomb test site. Families of soldiers missing from the Korean War hope for closure after Trump-Kim summit; two families speak out on 'The Story'.

Messi deserves no blame - Argentina boss Sampaoli
As Crespo said, Messi may deserve to win a World Cup, but unfortunately that doesn't factor into sports. We have an entire squad here and we need to bind ourselves together through good and bad.

Android Messages: How to send and read your texts from the web
Android Messages website is supported on Chrome , Mozilla Firefox , Safari , or Microsoft Edge browsers. To use the new feature you will have to install the latest version of the Android Messages app .

Migrant children being held in camps in 17 states
Top conservatives, including key Trump allies, have introduced bills to keep the migrant families together. Chris Sosa is the Senior Editor at AlterNet.

The Trump administration defends border cruelty with heresy
Sessions told law enforcement officials on Thursday: " Persons who violate the law of our nation are subject to prosecution". Led by New Mexico Attorney General Hector Balderas, 21 top state prosecutors from California to MA sent a letter to U.S.

Manchester City to begin title defence against Arsenal
The Blues' defence of the Premier League title kicks off with one of the toughest of tests - a trip to Arsenal . Mourinho has regularly complained about his club's fixture schedules, whether at Chelsea or Manchester United .

India crush feeble Afghanistan as 24 wickets fall on day two
Umesh Yadav gets his second wicket as Shahzad opens the face of his bat, gets edged and lands straight into the hands of Gabbar. Hardik Pandya and Ravichandran Ashwin then played cautious cricket as the hosts didn't suffer any further hiccup in the day.

British PM Theresa May 'disappointed' that male colleague blocked 'upskirting' law
So Martin made a decision to start a campaign to make the practice a criminal offense. "I remain positive, though". "By making upskirting a specic offence, we are sending a clear message that it will not be tolerated".