US President Donald Trump has tried to calm jittery oil markets by suggesting Saudi Arabia is willing to use up to 2 million barrels per day in spare capacity to meet any supply shortages arising from US sanctions on Iran, writes Nassir Shirkhani. The president said the US defends many OPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands. He added, "This must be a two way street".
Oil was mixed on Friday, with short-covering pushing up USA crude futures while Brent slipped on global trade tensions and increased Saudi production.
In his bid to halt the flow of Iranian oil without raising prices, Trump has urged Saudi Arabia and other OPEC members to increase their output.
Saudi Arabian Oil Co., also known as Aramco, lowered August prices for light oil to Asia by 20 cents to $1.90 a barrel above the Middle East benchmark, according to Bloomberg. Trump's decision in May to pull out of the United Nations -backed nuclear agreement with Iran, meanwhile, means sanctions on the Iranian energy sector snap back into place in November.
Brent crude futures lost 85 cents to settle at $77.39 a barrel.
Brent crude oil edged up Wednesday after a second consecutive drop in US crude inventories, driven by an outage at the Syncrude Canada oil sands facility, which usually supplies the U.S.
"Another major consideration is the extent to which U.S. shale production will respond to higher prices". Since when did you start ordering OPEC! Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.
Inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell to their lowest level since December 2014.
In May, the USA retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets.
However, the market response was minimal given the continuing threat of U.S. sanctions against Iran and a reported threat by the Iranians to close the Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and is an important shipping route for oil.
An oil pump jack is seen at sunset near Midland, Texas, U.S., May 3, 2017.
Implied options volatility, a way of measuring uncertainty among crude oil traders and investors is at its highest since the run-up to last month's OPEC meeting.
According to Commerzbank, OPEC now has just enough oil to meet global demands without Iran's supply.
Another was the Salvation Army , which in the past, held charitable events at both The Breakers and Mar-a-Lago. This year's postings show Trump's club wants to hire one more foreign cook than last year.
Ms Furmedge, from Chester-le-Street, and Ms Collings, from Seaham, died from injuries suffered when they fell from the artwork. The bouncy castle "exploded" while the youngster was on it, throwing her "20 ft in the air", according to eyewitness claims.
We all talk about it a little differently and the president has talked about it in his own way, ' said the official. The US senators are due to meet with the upper house of the Russian parliament later Tuesday.
Yann Sommer had to make a superb diving save to deny Berg, and Ekdal squandered a golden opportunity in the 41st minute. The last time Sweden made it this far at the World Cup was in 1994, when the team reached the semifinals.
The smartphone offers 4GB of RAM and 64GB internal storage which can be expanded further by inserting a microSD card. The Note 9's S Pen (model EJ-PN960) got a full battery of wireless tests because it's a 2.4GHz Bluetooth LE device.
Environment Canada issued a smog warning as "high concentrations of pollutants are expected to persist through the night". The rest of the deaths occurred in other parts of the French-speaking province.
The United States will counter the influence of Iran , Saudi Arabia's major regional rival, by imposing tough sanctions. Brent crude futures were changing hands at $78.04 per barrel, up 28 cents, or 0.4 per cent, from their last close.
So you'll have plenty of opportunity stock up on gifts or revamp your wardrobe while everything's heavily discounted. Prime Day will also be held in the US, UK, Spain, Japan, Singapore, Canada, and 10 other countries on the same day.
Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry. Previously, the White House had limited tariffs to an additional $200 billion of imports from China .
The man behind the characters Borat , Brüno , and Ali G is teasing a new project that may be related to Donald Trump . The teaser then says, " Sacha graduates soon", with a logo of Trump University on the screen.
In a blog post about the story, Google stressed that developers must provide clear guidance on how people's data will be used. We leave our privacy at the door when we use products from Facebook and Google, and there's nothing that we can do about it.
Tropical Depression TWO forms in the Central Atlantic
An area of low pressure in the tropics of the Atlantic Ocean has now become the second tropical storm of the 2018 season. According to data, the storm is located at 10.2 N, 41.4 W with winds at approximately 35 miles per hour .
LeBron James early season favorite for MVP
Unfortunately, that wasn't the only power move as the defending dynasty the Golden State Warriors also strengthen their numbers. Players can not sign contracts with teams until Friday under National Basketball Association free agency rules.
Trade Wars: Trump loads first volley against China
Those measures appear to be aimed at the United States' heartland, which helped lift Trump into the White House. If things escalate, then the hit will be bigger, cutting as much as half a percentage point from growth.
Who's saying what at the World Cup
That was the first major tournament for many of us, knockout matches have a lot to do with experience and can be complicated. Belgium face Japan in the last-16 with a potential tie against Brazil in the quarter-finals. "Anyway, I'll do my best".