Monday, 22 October, 2018

United States diktat to stop Iranian oil imports: Pradhan says national

India meets 80% of its crude demand through imports and is the second-largest buyer of Iranian crude after China. Reuters India meets 80% of its crude demand through imports and is the second-largest buyer of Iranian crude after China. Reuters
Laurie Berry | 01 July, 2018, 08:27

Domestic crude inventories declined by 9.89 million barrels last week, as refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said.

Nobkhat revealed that his government is creating an emergency budget which will be discussed by parliament along with the public budget.

Both countries increased their May oil production in a show of force that served to calm the oil market somewhat as fears grow over potential supply gaps stemming from looming United States sanctions on Iran and realized supply gaps from Venezuela.

Events since the meeting have further underlined how OPEC members are increasingly being left out of crucial production decisions being taken by Saudi Arabia and Russian Federation.

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.

Iran saw little benefit in agreeing to unwinding curbs because it faces sanctions after US President Donald Trump ripped up the 2015 global nuclear agreement with Tehran. They did not elaborate on how much additional global supply was needed. Estimates are more toward a draw of -3 million barrels.

EThad first reported on June 15 that India was mulling seeking USA exemptions on Iran sanctions, and considering paying for Iranian oil in rupee using a banking channel that had no exposure to the U.S. after State Bank of India told refiners it wouldn't support payment to Iran from November 4.

Innes said the outage had contributed to a major draw in USA crude oil inventories.

Tesla's car-production tent embarrassingly dubbed ‘stone age of auto manufacturing’
Screenshot of Elon Musk's version of the original Tom Edwards image, as posted on Twitter (the tweet has since been deleted). He has since released a new line of mugs in revenge, which feature Elon Musk and the words 'Tesla stole my unicorn'.

This move is going to put more economic pressure on the Iranian regime than we have already seen.

Following last week's pledge of more oil from OPEC, Russia is now standing next to Saudi Arabia as a major influence in the market, an analytics analyst said. Exports have fallen to an average of 2.2 million barrels a day this month, compared with 2.7 million barrels a day in May, according to data from London-based consulting firm Vortexa. Russian Federation is the largest non-member state contributor to OPEC effort and few countries have the spare capacity available to respond to potential supply-side shocks.

Most other members of the organisation have only negligible amounts of unused capacity that could be readily and reliably available to the market ("Oil Market Report", IEA, June 2018).

"It will be 1 million collectively", Falih said as he left the 22 June meeting, although the final communique did not mention that figure.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said late last week it would increase output.

"The OPEC+ agreement to elevate output still leaves production restraints in place, limiting the market's ability to rebuild inventories while decreasing spare production capacity", said French bank BNP Paribas.

Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa.

Recommended

  • Uruguay primed to quell Ronaldo threat

    Uruguay primed to quell Ronaldo threat

    Uruguay is the only team that didn't concede a goal in the first round - in a group containing Russia, Saudi Arabia and Egypt. And up front they boast two of the greatest goal-scorers of their generation in Luis Suarez and Edinson Cavani .
    Crude oil futures up at Rs 4,615 per barrel

    Crude oil futures up at Rs 4,615 per barrel

    Domestic oil use surges during summer months as the kingdom burns crude to generate electricity for air conditioning. Also keeping markets on edge was the risk of a disruption to supplies from Africa and the Middle East.
    Comcast down across the USA  due to cut fiber cables

    Comcast down across the USA due to cut fiber cables

    It has about 22.3 million cable TV subscribers and more than 26 million high-speed internet customers. They said that's affecting business and residential internet, as well as video and voice customers.
  • Maryland Among 17 States Suing Over Family Separations

    Maryland Among 17 States Suing Over Family Separations

    Parents, too, struggle to advocate for themselves or communicate with their children from within detention centers. Richard Blumenthal of CT was among those who toured a shelter at the Tornillo border crossing in West Texas.
    Jeff Flake says he won't hold up Trump's next Supreme Court justice

    Jeff Flake says he won't hold up Trump's next Supreme Court justice

    Just one member of the current court, Clarence Thomas, is on record in support of overturning the 45-year-old high court ruling. The president says he is considering two women among a group of at least five potential candidates for the nation's high court.
    Did LeBron James try to lure Kevin Durant away from Warriors?

    Did LeBron James try to lure Kevin Durant away from Warriors?

    Lopez , Randle and Caldwell-Pope all played a significant role for Los Angeles last season, starting a combined 195 games. Several such players told our own Alex Kennedy that they would be interested in taking a minimum deal with Los Angeles.
  • Kawhi reached out to LeBron, says he wants them to play together

    Kawhi reached out to LeBron, says he wants them to play together

    The San Antonio Spurs are now "ready" to trade Kawhi Leonard , according to a new piece of intel from the New York Times' Marc Stein.
    Ronaldo & Messi Have Never Won a World Cup

    Ronaldo & Messi Have Never Won a World Cup

    There has to be paid special attention to those world-class players but we're ready to play against anyone. Etebo completed 5/6 dribbles, 23/32 passes and 4/6 tackles against Argentina .

    Facebook scraps plans to build Internet drones

    In 2017, the solar-powered drone successfully completed the second full-scale test flight. It's not clear what will happen to the company and its technology now.
  • PUBG creator decides to drop copyright charges against Epic Games

    PUBG creator decides to drop copyright charges against Epic Games

    Although Fortnite is free to play, gamers can purchase in-game currency to fuel the Battle Pass. You can consult the full Fortnite v4.5 patch notes here .
    Warriors To ‘Explore’ Chances Of Signing DeAndre Jordan

    Warriors To ‘Explore’ Chances Of Signing DeAndre Jordan

    Obviously, a starting lineup of Jordan, Steph Curry, Kevin Durant , Klay Thompson and Draymond Green would be flat-out ridiculous. Clippers center DeAndre Jordan will opt out of his deal and become a free agent Sunday, according to ESPN .
    Amazon launches delivery program, eyes Youngstown

    Amazon launches delivery program, eyes Youngstown

    Amazon now relies on companies like UPS and FedEx for delivery and says the new program won't replace those partnerships - yet. According to the Seattle-based company, its new partners can potentially make up to $300,000 in annual profit.

President Trump Plans To Announce Supreme Court Pick On July 9 President Trump Plans To Announce Supreme Court Pick On July 9 Falwell insisted only that Trump make his next selection from the list of prospective nominees he released before his election. White House aide Marc Short said on MSNBC that the White House hoped for a Senate confirmation vote in September.

Trump will announce new Supreme Court pick soon - but won’t talk abortion Trump will announce new Supreme Court pick soon - but won’t talk abortion Senate Majority Leader Mitch McConnell has said that a vote to fill a Supreme Court vacancy would be a "top priority". Tom Cotton, R-Ark., serve on the Senate's Judiciary Committee, the first line of vetting for a Trump nominee.

Ronaldo tight-lipped on future after World Cup KO Ronaldo tight-lipped on future after World Cup KO After almost five and a half hours of football, it was the first goal Uruguay had let in at this World Cup - indeed it was the first they had conceded in 2018.

Angelina Jolie treated like royalty in Queen Elizabeth's absence Angelina Jolie treated like royalty in Queen Elizabeth's absence Instead of taking the Duchess's hand, the Duke actually pulled his arms in closer to his sides and clasped them in front of him. Getty Images Angelina Jolie is made an honourary dame by Queen Elizabeth II at Buckingham Palace on October 10, 2014.

USA sanctions pressurise Iran USA  sanctions pressurise Iran A guide for what happens next likely can be seen in how Iran initially handled its nuclear confrontation with the West. Since the USA withdrawal from the Iranian nuclear deal on May 8, the rial has lost more than 40 percent of its value.

Trump says he will announce Supreme Court pick on July 9 Trump says he will announce Supreme Court pick on July 9 Trump relished the suspense of the final reveal, asking "So was that a surprise?" "It is exciting though, right?" said Trump. Circuit Court of Appeals judge Brett Kavanaugh and 6th Circuit Court of Appeals judges Raymond Kethledge and Amul Thapar.

Trump administration plans to detain migrant families for months Trump administration plans to detain migrant families for months But the family separation policy has been a watershed for attracting a broader spectrum of demonstrators, she said . Trump supporters said they, too, will be holding a rally outside the holding facility.

Minnesota United's Collin Martin comes out as gay Minnesota United's Collin Martin comes out as gay Martin's decision is a big step in the context of a sporting world that has had precious few individuals come out as gay. Collin Martin of the Minnesota United announced that he's gay on the same day as his team's annual Pride Night .

Trump, Putin to hold meet in Helsinki on July 16 Trump, Putin to hold meet in Helsinki on July 16 The likelihood of a Trump-Putin summit comes on the back of U.S. national security advisor John Bolton's Moscow visit . Trump congratulated Putin by phone in March after the Russian leader's landslide re-election victory.

Maryland newspaper shooting suspect Jarrod Ramos denied bail after five people killed Maryland newspaper shooting suspect Jarrod Ramos denied bail after five people killed Trump has frequently told supporters the press are the "enemy of the people". "I am devastated", tweeted Danielle Ohl, a reporter. Those killed included Rob Hiaasen, a writer and editor, Wendi Winters, a correspondent and Gerald Fischman, an editor.

Trump says Saudi Arabia has agreed to increase oil production Trump says Saudi Arabia has agreed to increase oil production Analysts said the outcome of the discussions between the Saudi and USA leaders may have far reaching benefits for both sides. That agreement sought to curb Tehran's nuclear capabilities in exchange for the lifting of some sanctions.

Trump falls for prank call aboard Air Force One So then, Melendez tells the operator " it's only because we're on vacation " and that's it, he's through. The voice the comedian claims is Trump says he will nominate a new Supreme Court judge in 10 to 15 days.

GM, Toyota among manufacturers who oppose Trump’s call for auto tariffs On Thursday, Toyota North America chief Jim Lentz was in Washington holding meetings with lawmakers on trade issues. GM operates 47 USA manufacturing facilities and employs about 110,000 people in the United States.

Democratic Sen. Kirsten Gillibrand calls for end of ICE Democratic Sen. Kirsten Gillibrand calls for end of ICE Kirsten Gillibrand and Alexandria Ocasio-Cortez, a 28-year-old socialist who surprisingly won a House primary this week. It quickly grew in size, and the building was closed for safety reasons three days later.

European Union leaders found a solution to the refugee problem European Union  leaders found a solution to the refugee problem I don't like this idea. the American administration (wants) to divide the European Union . when it comes to trade. Diplomats said the country that was blocking was Italy. "We need these relations".