"It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", Iran's OPEC governor, Hossein Kazempour Ardebili, said in comments to Reuters. "The U.S. tried it last time against Iran, but oil prices got to $140 a barrel".
Prices traded lower after data from EIA showed United States crude oil stockpiles rose unexpectedly last week even as refineries hiked output to the highest in five months.
Brent and WTI hit 3-1/2-year highs in May but have since drifted lower, indicating investors expect the market to soon become better supplied as US crude production rises and as OPEC and its allies look poised to increase output.
The group noted that the oil market continues to be underpinned by geopolitical uncertainty and robust US crude inventories.
He wrote, "the leaders of GCC countries are unlikely to relapse into the previous patterns of behaviour that a rally in oil prices normal provokes; instead, they are likely to soon return to monetising their oil reserves while demand growth is still strong, [and] that means putting higher volumes into the market and reigniting the fight for market share".
Next week OPEC (the Organization of the Petroleum Exporting Countries) is scheduled to announce whether it will agree on an increase in crude output, a move that could open the world up to greater price hikes due to supply disruption.
But for the meantime, it seems that expected and feared increased output from OPEC is something that will be delayed in favour of further supporting current prices - as well as the overall stability of supply and demand.
With Brent prices up by around 180 percent from their 2016 lows and demand strong, OPEC and Russian Federation may soon end their voluntary supply cuts.
As it stands, the oil supply is surging while the demand side looks anemic.
The global economy is doing quite well at the moment, despite the uncertainty over tariffs and the possibility of a trade war between the United States and its various trading partners.
Speculation that the buffer could decline from three per cent to two per cent of global demand would bring the spare production capacity down to levels not seen since 1984. Only Russia now produces more, at around 11.1 million bpd.
Oil demand could take a severe hit in the midst of all this. That will require sacrifice from much of the group, who won't be able to increase production and will have to stomach lower oil prices.
Industry commentators remain bullish about the outlook for oil, but warn if prices shoot too high, they could trigger a recession in the US. Also, keep in mind that the major forms of renewable energy-wind and solar-are not good substitutes for oil right now. Wind and solar generate electricity. But the week went out and we saw those stories walk back.
Sanford had represented the Charleston district on and off for six terms, with eight years in the Governor's Mansion in between. Sanford had been critical of Trump at times, saying he "fanned the flames" of intolerance and decrying his disregard for facts.
In his return to the US Open after a two-year absence, Woods opened a major with a triple bogey for the first time in 15 years. The par-70 course yielded just four sub-par scores, and there were 27 at 80 and higher, including a score of 92.
Sagna thinks his compatriot hasn't received fair treatment and that people expect too much from him because of his huge price tag. Pogba registered six goals and ten assists in 27 Premier League appearances this term.
However, he said Japan wanted the issue of North Korean missiles and other weapons that could strike Japan to be discussed. The US president puts out his hand for a shake, but the general instead salutes Trump.
Police said Thursday that Mundy Street is without power; according to reports, the road will be closed throughout the day. Wednesday, and touched down near Mundy Street and Highland Park Boulevard near the Wyoming Valley Mall.
While plague in humans is rare, experts say it occurs naturally in some rodent populations, including ground squirrels in Idaho. According to the CDC , an average of seven human plague cases have been reported each year across the U.S.
When set against a background of a black couple, the term caused offence to Target shoppers looking for Father's Day cards. Said Target, "It's never our intention to offend our guests with the merchandise we provide".
That's according to a person familiar with the report's conclusions who spoke to The Associated Press on condition of anonymity. Other information in the report has previously been made public, including anti-Trump texts sent by Peter Strzok and Lisa Page .
Actor Robert De Niro used the opportunity of the Tony Award ceremony to fling insults at the United States president. De Niro made his comments at a groundbreaking ceremony for a Nobu hotel in Toronto.
Prominent journalist gunned down in Kashmir
Rising Kashmir , a newspaper started 10 years ago and published from Srinagar , is among the prominent papers in the Valley. He added that he has spoken to Jammu and Kashmir Chief Minister Mehbooba Mufti and assured the killers would be punished.
U.S. lauds its ties with Taiwan on dedication of new office
Beijing considers Taiwan to be a breakaway Chinese province to eventually be reunited with the mainland, by force if necessary. The completion of the new AIT offices - built over nine years at a cost of $250 million - comes amid closer US-Taiwan ties.
The Queen and Meghan's first outing together
The newlywed, 36, looked incredible in a Givenchy cream ensemble which featured flared sleeves and a black waistband belt. They arrived in Cheshire onboard the royal train and are visiting the new Mersey Gateway Bridge and Chester.
Here's Where to Watch the World Cup in Houston
Russian Federation was among those to switch from backing Morocco to the North American effort at the last minute. As you can see from the table below, only Wolves are deemed to have a tougher start than Newcastle United.