Tuesday, 17 July, 2018

Trade war could hurt these economies far more than U.S., China

Iran's OPEC governor Hossein Kazempour Ardebili Iran's OPEC governor Hossein Kazempour Ardebili
Laurie Berry | 07 July, 2018, 11:46

Futures in NY were 0.3 per cent higher following the US Independence Day holiday, remaining near the highest since 2014.

Iran's governor for the Organization of Petroleum Exporting Countries said President Donald Trump's tweets complaining about oil prices are only serving to drive prices higher, Bloomberg reported.

Futures dropped as much as 1.7% in NY following a government report showing United States crude inventories climbed 1.25 million barrels last week as imports rose and exports fell.

USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014.

Brent was being pressured by expectations for higher Saudi and Russian Federation production, which impacts Europe and Asia, where Brent is the benchmark, more than markets dominated by US crude prices.

Kazempour spoke Thursday after Trump tweeted a day earlier demanding the "monopoly" of OPEC to "reduce pricing now!"

OPEC agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

Trump is convinced that he prevented a USA war with North Korea
The move led to a set of diplomatic breakthroughs, including two summits between Kim and President Moon Jae-in. Noerper added that North Korea has made a commitment to denuclearize before the whole global community.

The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the US pressure, no other regional country will be allowed to. This must be a two-way street.

Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the U.S.". The kingdom faces intense political pressure as prices reach levels that threaten economic growth, and as American sanctions on Iranian oil exports require replacement barrels to prevent a supply squeeze.

US President Donald Trump on Saturday said Saudi Arabia's King Salman had agreed to his request to increase oil output "maybe up to" two million barrels.

"OPEC has not defined oil prices for the past 30 years", Kazempour said.

In response, Iranian oil official Hossein Kazempour Ardebili said that Trump should stop tweeting because his statements have pushed oil prices up by about US$10 a barrel, according to Oil Ministry news service, Shana.

Financial institutions and experts have also pointed to Trump for driving up global prices. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively. However, Brent slipped yet again after Saudi Arabia announced that it raised output almost by 5,00,000 barrels per day in June to curb scarcity. According to some analysts, extra global production capacity is around 2 to 3 million barrels per day. That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.

"Further declines in United States crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.

Recommended

  • Former Thai Navy Seal dies trying to rescue boys trapped in cave

    Former Thai Navy Seal dies trying to rescue boys trapped in cave

    Heavy monsoon rains are forecast for next week in most of the north, according to Thailand's meteorological department. With monsoon season typically lasting until October, the latter option could take months.
    Fans freak out as Carmelo Anthony looks set for Thunder exit

    Fans freak out as Carmelo Anthony looks set for Thunder exit

    Anthony recently opted into the final year of his contact with Oklahoma City, which was set to pay him $27.9 million next year. Melo struggled to adapt to a new role as a power forward last season and as a lesser cog in his team's offense.
    Ed Schultz Dies: MSNBC and RT America Host Dead at 64

    Ed Schultz Dies: MSNBC and RT America Host Dead at 64

    I appeared many times on his radio and television broadcasts, even filling in for him when he hosted a show on KFGO. In 1977, he led NCAA Division II in passing while quarterback at Minnesota State University-Moorhead.
  • United Kingdom  police hunt object that poisoned couple with nerve agent

    United Kingdom police hunt object that poisoned couple with nerve agent

    Police say their operation following the poisoning of two more people with a nerve agent will take weeks and months to complete. British counterterrorism experts are working with police, but this incident has not been declared as a terror attack.
    United Kingdom  pair poisoned by same nerve agent as ex-Russian spy Skripal

    United Kingdom pair poisoned by same nerve agent as ex-Russian spy Skripal

    A March assessment by the British government found that the Russian state was most likely responsible for the Skripals' poisoning. Police said they had been exposed to a nerve agent .
    Ruthless Federer marches on with another straight-sets win

    Ruthless Federer marches on with another straight-sets win

    No such problems for Federer, who won 35 straight points on his serve on route to beating Lukas Lacko of Slovakia 6-4, 6-4, 6-1. Australia's Ashleigh Barty beat Canada's Eugenie Bouchard 6-4 7-5 in a match between former Wimbledon girls champions.
  • A giant Donald Trump balloon set to fly across Parliament

    A giant Donald Trump balloon set to fly across Parliament

    Johnson was asked by reporters in a conference call if the president was aware of the planned protests and Trump balloon. Later that evening, he will attend the Blenheim Palace dinner with First Lady Melania Trump .
    France vs Uruguay, Brazil vs Belgium

    France vs Uruguay, Brazil vs Belgium

    But Soosai Raj disagrees and says, " Brazil is my favourite team, but France looks to be quite solid as team". It means that, unless the men's final is drastically one-sided, there will be a clash with the World Cup.
    Southgate knows England have a chance to spring a surprise

    Southgate knows England have a chance to spring a surprise

    Andersson's squad regrouped, and impressively defeated Mexico 3-0 in their final group match to progress to the knockout stage. Here, Press Association Sport details everything you need to know about the Scandinavians.
  • Tony Parker to leave Spurs after 17 years with Spurs

    Tony Parker to leave Spurs after 17 years with Spurs

    Parker's leadership was evident during the Spurs' attempts to ameliorate Kawhi Leonard during the latter's lost season of 2017-18. Parker told ESPN following the departure he never felt any tension with his former teammate. "I said yes because it was true".
    Hawaii governor signs first-ever bill banning sunscreens that harm coral reefs

    Hawaii governor signs first-ever bill banning sunscreens that harm coral reefs

    Ige is expected to sign a bill restricting the sale and distribution of sunscreen containing oxybenzone and octinoxate. Leaders have to act rapidly to conserve exactly what reefs globe has actually left, he stated.
    China Trade War Starts

    China Trade War Starts

    Beijing has said retaliatory tariffs on US goods ranging from soybeans to pork will go into effect immediately after the USA acts. But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational.

Zlatan Ibrahimovic tips Sweden for World Cup glory Zlatan Ibrahimovic tips Sweden for World Cup glory The four remaining teams still in competition are Belgium, Croatia , Sweden, and host country Russian Federation . Previously, Sweden reached the semi-finals in both 1938 and 1950. "I'm confident - but then again I always am".

How to Watch Brazil vs. Belgium How to Watch Brazil vs. Belgium Brazil and Belgium go head-to-head on Friday evening with a place in the World Cup semi-finals up for grabs. What: Brazil will play Belgium in the quarterfinals at the 2018 FIFA World Cup .

Syrian rebels reach deal with Russian Federation for weapons handover Syrian rebels reach deal with Russian Federation  for weapons handover Government forces would then take control of a key route running along the border with Jordan, up to the Nassib border crossing. The assault has pushed more than 320,000 people to flee, but SANA said the deal would see them return to their homes .

Kim Dotcom can be extradited to the US, New Zealand court rules Kim Dotcom can be extradited to the US, New Zealand court rules Dotcom, who was granted New Zealand residency in 2010, was arrested two years later in a dramatic mansion raid. The court this week upheld a prior ruling by the Auckland High Court, which said he could be extradited .

Could IVF really save the world's most endangered animal? Could IVF really save the world's most endangered animal? They are now being frozen and later will be implanted into a surrogate mother that will give birth to a hybrid offspring. The southern white rhino is still quite numerous, with an estimated 21,000 of the animals living in South Africa today.

YouTubers Who Died in Waterfall Plunge Were Inspired by 'Jackass' Movie YouTubers Who Died in Waterfall Plunge Were Inspired by 'Jackass' Movie Gamble was one of three people who slipped and fell to their deaths Tuesday while hiking near picturesque Shannon Falls . Banks described the terrain as "difficult, very unsafe , and the water flow is heavy which is complicating the search".

Semi driver faces 29 charges in Humboldt Broncos bus crash Semi driver faces 29 charges in Humboldt Broncos bus crash In the days following the crash, a GoFundMe page raised over $16.5 million for the families affected by the tragedy. Sidhu is scheduled to appear in court in Saskatchewan next week, and will remain in custody until then.

JK Rowling can't stop laughing at Trump JK Rowling can't stop laughing at Trump Rowling had a savage response to Trump's claim on his writing abilities. JK Rowling has made it no secret that she is not a fan of U.S.

Malaysia investigates China-backed project links with 1MDB Malaysia investigates China-backed project links with 1MDB The company was contracted to build a 530 km (329 miles) railway traversing the Malaysian peninsula from east to west. Prime Minister Mahathir Mohamad has said he will review all contracts involving foreign investors.

Anthony Bourdain Estate Valued at $1.2 Million Anthony Bourdain Estate Valued at $1.2 Million The court will choose a guardian of the estate to safekeep Ariane's inheritance until she is of age, according to the documents. The same instructions were given regarding his multiple cars, furniture, clothing, books and household items.

With US out, those backing Iran nuclear deal meet in Vienna With US out, those backing Iran nuclear deal meet in Vienna Iranians have complained that the hoped-for rise in foreign investment and trade after the deal has not materialised. The proposed package "only included some general promises like previous European Union statements", Rouhani said.

China court bans Micron chip sales in patent case China court bans Micron chip sales in patent case Washington says the measures are a response to intellectual property theft by China. Micron is disappointed with the ruling by the Fuzhou Intermediate People's Court .

New iPhone colors may include gold, blue and orange New iPhone colors may include gold, blue and orange The third, will bring down the lineup's price point and try to convince more users to upgrade their devices and utilize Face ID. Aside from new color options, Kuo floated some possible pricing for Apple's upcoming handsets.

Can you guess which designer Meghan Markle has worn the most? Can you guess which designer Meghan Markle has worn the most? Experts say her muted wardrobe choices may be a sign of respect to the Queen, when attending engagements where she is present. Prince Harry and Meghan Markle were back at it on Thursday, being the loved-up newlyweds the world has fallen in love with.

Trump Administration Wants More Time to Reunite Families Separated at the Border Trump Administration Wants More Time to Reunite Families Separated at the Border The government on Friday asked the judge to clarify how many children it should be attempting to reunite with parents. DHS has already started moving some parents to facilities closer to facilities where their children are being kept.