Trump slams OPEC as IEA anticipates near-term oil price relief

That move took crude from about $50 a barrel in late 2016 to more than $70 this year. Investors are looking for signs of whether OPEC will reach a consensus on boosting production, with the group set for a fractious meeting in Vienna next week.

Oil has retreated from the highs of May as Saudi Arabia and Russian Federation signaled they may increase output later this year to counter supply losses from other producers, while U.S. President Donald Trump is also pressuring them to temper crude prices.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the a year ago.

OPEC is expected to meet again later this month.

The world's top crude producers are key partners in the OPEC+ deal, which is created to prop up oil prices by cutting global output.

The price of West Texas Intermediate, the North American benchmark, was trading lower by 33 cents at $66.03 USA per barrel following Trump's comment. They plan to discuss oil, amongst other things. Trump wrote on Twitter in April. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions. "The world economy is feeling some pain from higher oil prices", the IEA commented in its latest market report, adding "Increasing trade tensions are the main risk to our oil demand forecast". Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.

Traders are holding their breath for the June 22 meeting of oil ministers from Opec member states in Vienna. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession.

Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above US$150 a barrel in less than two years.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Alli plans to keep a cool head in Russian Federation
My first World Cup memory is walking back home from my friend's house when I was really young. England midfielder Dele Alli has the "swagger" of a Brazilian , according to Roberto Carlos .

Britain's Dixons Carphone discovers unauthorized data access
The retailer added that 5.8 million of the compromised cards are protected by chip and pin number combinations. The breach was now being investigated by police, it said, while regulators had also been informed.

Navarro apologizes for harsh comment about Canada PM
And I say, push him around? "Very dishonest & weak", he said of Trudeau. Navarro said he had been trying to use strong words to back Mr.

Steam Announces 'Steam Chat' Client to Improve On-Platform Communication
Valve is officially bringing Steam to China with the help of game and movie company Perfect World , it announced Monday. New features include a modernized chat experience, a more flexible friend list, group chats built for gaming, and more.

Sanford's concession in 1st District ends era for SC's 'comeback kid'
On the Republican side, Tarkanian (who is now running for the House instead of the Senate) will face off against state Sen. In turn, Arrington sought to cast the three-term congressman as a traitor who was opposed to the president's agenda.

Australia says end to South Korea-US war games not a certainty
The DPRK holds off on any new nuclear and missile tests while the US and South Korea stop the "war games" (Trump's terminology). President Donald Trump and North Korean leader Kim Jong Un at the Capella Hotel on Singapore's Sentosa Island.

Kate Middleton Endears Herself To The Public By Wearing Affordable Clothing
Images of four-year-old Prince George playing with a toy gun on Sunday caused outrage on social media. Princess Charlotte had a great fall but Kate Middleton saved the day.

Google Home can now handle up to three queries at a time
But as promised at I/O, Home can now understand the more natural "turn on the lights in the living room and the kitchen". Queries can involve fetching information from the web, as well as performing commands on connected smart home devices.

Little girl temporarily paralyzed after tick bite
Griffin, of Grenada, Mississippi, wrote in a Facebook post Wednesday that seemed a mixture of worry and relief. Griffin said she rushed her daughter to the hospital where doctors diagnosed her with tick paralysis .

Trudeau 's Remarks to Cost Canada 'a Lot of Money'
He also said the US had a trade deficit of $17 billion with Canada , though he implied that it might be as large as $100 billion. Trump just a week before the summit imposed 25% tariffs on steel and 10% tariffs on aluminum from the European Union and Canada.

The United States, Mexico And Canada Will Host The 2026 World Cup
President Donald Trump, who combined support for the bid with a veiled threat to those that planned to vote for competing offers. Morocco's bid promised $5 billion in profit, but admitted needing to spend $16 billion on building stadiums and infrastructure.

Federal Bureau of Investigation arrests 29 Nigerians for alleged internet fraud
The fraudsters will also target individuals with romance or lottery scams. The elderly are particularly targeted in BEC schemes.

Priyanka Chopra and Nick Jonas Making It Official???
Jonas, 25, was pictured arm-in-arm with Chopra, 35, as they arrived for his cousin's wedding in Atlantic City on Saturday. The youngest Jonas looked charming in a well-tailored suit while Priyanka stole the show with a gold silk wrap dress.

Pompeo to visit China after North Korea summit, Beijing confirms
North Korean state media lauded the summit as a resounding success, highlighting concessions made by the USA president. The lack of details contributed to an air of skepticism in Washington about what Trump accomplished.

Pope Francis accepts resignations of three Chilean bishops
During his weeklong trip through Chile and Peru in January, Francis opened with a somber apology for sexual abuse by priests. Barros denied the allegations, but he joined Chilean 30 active bishops who have recently suggested to the Pope to resign.


More News

News
More News