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.

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.


SBI's Ripple-Backed 'MoneyTap' Set to Launch Soon
But I think that what we're now seeing is that more and more regulators are taking the whole space in one conjunction [sic]. One XRP coin can now be bought for $0.28 or 0.00004287 BTC on popular exchanges including FCoin, Fatbtc, B2BX and CoinBene.


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.


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".

Recommended:

  • Asia Cup 2018, Bangladesh vs Afghanistan

    Asia Cup 2018, Bangladesh vs Afghanistan

    Afghanistan had chosen to bat first against Bangladesh in Asia Cup's match being played at Sheikh Zayed Stadium in Abu Dhabi. For starters, both Bangladesh and Afghanistan will get to know about each other before facing off again in the next round.
    Trump Congratulates Hurricane Victim on Boat That Washed Up at His House

    Trump Congratulates Hurricane Victim on Boat That Washed Up at His House

    The governor asked for help "cutting red tape" to get his state the federal assistance it will need to recover. Officials says "danger still immediate" as record flooding continues to plague parts of the U.S. state.

    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.
  • Kavanaugh hearing uncertain for Monday

    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".
    7 people shot in Syracuse, New York

    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.
    Hannah Gadsby steals the show at the Emmys

    Hannah Gadsby steals the show at the Emmys

    She then opened the envelope, reading the winner's name-Stephen Daldry for the "Paterfamilias" episode of Netflix's The Crown . By now, you've probably heard a lot about Hannah Gadsby's incredible comedy special, Nanette , even if you haven't seen it.
  • IPhone XS Teardown Unearths Smaller Battery And Tricky Display Assembly

    IPhone XS Teardown Unearths Smaller Battery And Tricky Display Assembly

    The information comes from Digitimes , a sometimes-accurate source of information on the supply side of consumer electronics. The iPhone SE was Apple's last 4-inch iPhone, which featured the body of the iPhone 5S but the internals of an iPhone 6S.
    E-cigarette warnings to arrive in high school bathrooms nationwide

    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".
    Ashton Kutcher Hit Teen With His Car & Apologized by Taking Fan Photos

    Ashton Kutcher Hit Teen With His Car & Apologized by Taking Fan Photos

    Ashton Kutcher accidentally ran over a teenager in Los Angeles on Wednesday. "He hit me, and then once I fell to the ground [and] got up, I saw it was him".
  • Chelsea Manager Mauricio Sarri Provides Update On Sickening Pedro Injury

    Chelsea Manager Mauricio Sarri Provides Update On Sickening Pedro Injury

    The Blues beat PAOK 1-0 in Thessaloniki to kick off their Europa League campaign but Pedro's injury marred the win. Eden Hazard asked for a rest and has been given one, with Pedro and Willian to support Alvaro Morata upfront.
    Meyer sticks to same script in return press conference

    Meyer sticks to same script in return press conference

    Today, his middle daughter, Gigi Meyer, took to Twitter to post a heartfelt message. Urban Meyer took a deep breath, stared ahead and waited for an answer to appear.
    Google has accidentally launched a test function

    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.


Popular

Emilia Clarke reveals her new Game of Thrones tattoo
The inking was done by famed tattoo artist Dr Woo who has also worked with Harry Styles, Cara Delevingne and Drake. Emilia Clarke has been inked with a Game Of Thrones-inspired tattoo.

Christine Blasey Ford May Testify Next Week After All
Her attorney says she's had to relocate her family. "Who is not asking the FBI to investigate these claims?" Democrats outed her. Taylor Foy, spokesman for Republicans on the panel, made no commitment but said in a written statement, "We are happy that Dr.

Ex-Malaysian PM Hit With 25 New Charges Of Corruption, Money Laundering
Noor Rashid also said the police had arrested Najib after consulting the Attorney-General's office. But the latest charges are more significant and relate to a key episode in the 1MDB scandal .

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".

Suge Knight Strikes 28-Year Plea Deal in Murder Case
Knight had been facing the possibility of life in prison, and his trial was scheduled to begin Monday with jury selection. As part of the agreement, Knight has also been absolved in two other cases from 2014.

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.

Grandma kills 12-foot gator after it ate her miniature horse
KTRK reported that Judy Cochran killed the animal Monday at her family ranch along the Trinity River in Polk County. Judy Cochran says her miniature horse went missing, and she is suspicious it was killed.