Trump slams OPEC as oil prices trade near $80 a barrel

21 September, 2018, 13:09 | Author: Regina Silva

OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new USA sanctions on Iran, OPEC sources said.

Oil prices were mixed on Friday after falling in the previous session as U.S. President Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria this weekend.

Trump's comments come ahead of the Organization of the Petroleum Exporting Countries meeting with Russian Federation and other big producers for the World Oil Outlook meeting in Algiers this weekend where they will discuss boosting output to push prices down and compensate for looming sanctions on Iranian oil.

Trump has earlier called for members of the Organisation of the Petroleum Exporting Countries - primarily cartel kingpin and USA ally Saudi Arabia - to raise their production, and warned importers to stop buying oil from Iran or face U.S. sanctions.

Prices have risen as American sanctions curb Iran's oil exports.

Prices at the pump have creeped upward since Trump took office, with the average price for all grades climbing from $2.45 in January 2017 to $2.67 a year later and to $2.91 in August, down from a 2018 high of $2.98 in May, the start of the summer travel season, according to government data.

Despite Thursday's losses, Brent prices have flirted with $80 a barrel this month, the highest price since May.

Mistakes were made in Serena's US Open row - Federer
If "everybody does it", at least 11 somebodies (9 of them males) in the past three tournaments had been penalized for it. Ramos issued a third violation, which included a game penalty, after Williams confronted him and called him a " thief ".

Kavanaugh hearing uncertain for Monday
The president said he was "totally supporting" Kavanaugh and rejected calls for the FBI to investigate the accusation. The women write that her decision to share her experience now is "not a partisan act" but an "act of civic duty".

Royal fans are confused by Meghan's new British accent
It will also include footage from The Queen and Duke of Edinburgh 's private film archives, and treasures of the Royal Collection. Meanwhile, both the dress and the veil will form part of a display open to the public at Windsor Castle in October.

Over the past year, refiners in the East Coast have been receiving as much US crude oil from the Gulf Coast by tanker or barge as they have received from the Midwest by rail.

His first attack on OPEC came on April 20, just hours after Saudi Arabia's Oil Minister Khalid Al-Falih said that OPEC would continue its production cuts so that oil prices could rise further.

The so-called 'OPEC+' coalition meets on Sunday in Algeria to discuss how to allocate that 1 million bpd increase within its quota framework.

Global benchmark Brent crude for November delivery LCOc1 was up 5 cents at $78.75 a barrel by 0424 GMT.

United States sanctions on Iran's oil exports come into force in November, with supply from the country already at two-year lows.

"It is our hope that with the gradual return of confidence in the market we will be able to see a higher level of investment in the industry, that will ensure that at any given time a certain level of spare capacity will serve us as a buffer against volatility".



7 people shot in Syracuse, New York
Neighbors' accounts of the shooting indicated between 10 and 15 shots were fired, the Post-Standard reported. Walsh called the shooting " senseless ", saying the main concern is with the victims and their families.

E-cigarette warnings to arrive in high school bathrooms nationwide
The FDA says it is considering ways to make tobacco products "less toxic, appealing and addictive", especially to youth. If the e-cigarette makers can't do this, they may be required to stop selling "some or all of their flavored products".

Former Sooners quarterback Baker Mayfield leads Browns to first win since 2016
He dramatically outplayed Jets rookie QB Sam Darnold , who threw two crippling interceptions in the game's final minutes. Cleveland passed on taking Darnold in the draft and instead chose Mayfield, the Heisman Trophy victor from Oklahoma.

Woolworths Pulls Sewing Needles From Shelves in Wake of Fruit-Tampering Scare
There have now been more than 100 reported cases of contaminated strawberries, although some are suspected to be hoaxes. One young boy has already been arrested over behaviour that "could be called a prank ", police said.

Kristen Bell Confirms Veronica Mars Revival Is Coming to Hulu
Bell will also executive produce along with Diane Ruggiero-Wright and Dan Etheridge. Thomas added that he wanted to do a "six-episode Veronica Mars mystery".

BONOKOSKI: Liberal MP Leona Alleslev slams Trudeau, crosses floor to Tories
Alleslev's decision is something that is allowed for in Canada's political system. And with that, she was gone from the Liberals. Trudeau told reporters on Monday that Ms.

Google has accidentally launched a test function
Reddit users in multiple threads began reporting that their battery saver feature was randomly turned on without their doing. Google has accidentally enabled the battery saver feature remotely on some phones running the latest Android 9.0 Pie.

Ruth Davidson challenges rivals to back 'astonishing' PM to deliver on Brexit
A lavish dinner in the opulent setting of the Felsenreitschul theatre in Salzburg on Wednesday failed to smooth the way. He and other European Union leaders have expressed doubts before.

Kanye West Claims He's 'Moving Back to Chicago'
We can get to it because in all seriousness, I've got nothing but love for you but I'm always going to speak my mind. But you not gonna tell me what I can and can't say.

AbbVie accused of paying kickbacks, using a stealthy network to promote Humira
During that time, private insurers processed more than 274,000 claims for coverage of Humira treatment for California patients, paying out almost $1.3 billion.