Saudi Arabia persuaded to help offset high oil price
Saudi Arabia persuaded to help offset high oil price
WTI retreats from tops, back below $73.00
02 July, 2018, 07:14
US President Donald Trump has urged Saudi Arabia to sharply increase its oil production to combat the rising cost of fuel, according to a BBC NEws report on Sunday.
There was no immediate acknowledgment from the Saudi Royal Court that the conversation took place.
If Trump made such a request, Iran'sOPEC governor Hossein Kazempour Ardebili told Bloomberg, that meant the president was calling on the Saudis to ignore their commitment to OPEC. "We now see these GCC countries increasing their output above their OPEC quota levels in the second half of 2018, supporting real GDP growth in their oil sectors", Malik said.
Brent crude, the global benchmark, was selling Friday for over $79 a barrel, and there is talk that in certain circumstances a return to $100 a barrel oil is possible. US prices for retail gasoline at the moment have reached levels that haven't been matched in the past four years.
Non-Opec member Russian Federation on June 23 also backed the effort, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch foes Iran and Saudi Arabia.
"Prices to [sic] high!"
In this scenario, Saudi Arabia, the UAE, Kuwait and Iraq are the main countries that have the capacity to increase production, she said.
Oil-producing Gulf countries will be the main beneficiaries of a recent decision by OPEC members to hike crude production by one million barrels per day, analysts said.
LeBron agrees to four-year deal with Lakers
James averaged 27.5 points, 8.6 rebounds, 9.1 assists and 1.4 steals and shot 54.2 percent from the field this past season. James' camp and the Cavaliers' front office have maintained a dialogue since the season ended, sources said.
On Saturday, Trump said that he spoke to the Saudi king about the need to increase Saudi Arabia's oil production "maybe up to 2,000,000 barrels" due to unstable situation in Iran and Venezuela, stressing that the Saudi leader agreed with the proposal.
Interestingly the EIA production data has shown no increase for United States crude output for three weeks now at 10.9 million barrels a day.
Saudi Arabia regulates its oil production in agreement with other members of the Organization of Petroleum Exporting Countries.
Last week, a source told Reuters that Saudi output would rise to 11 million bpd in July, a whole 1 million bpd above May.
On Saturday, Iranian Supreme Leader Ayatollah Ali Khamenei said the United States was trying to drive a wedge between Iranians and their government using "economic pressure". "While Saudi Arabia has the capacity in theory, it takes time and money to bring these barrels online, up to one year", she said. "It's certainly easy to imagine a scenario at this point where oil prices hit $100 again this year", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.
As Tehran seeks ways to counter USA sanctions that would restrict its exports and eat into its market share, Iranian Oil Minister Bijan Zanganeh wrote to his UAE counterpart, Suhail al-Mazrouei, who holds the OPEC presidency in 2018, urging him to remind OPEC members to adhere to last month's agreement.
The output increases come as the United States has urged some OPEC members to raise output to compensate for supply losses caused by renewed USA sanctions on Iran.
Three years after they almost came together, the Mavericks finally get the center they have long coveted. Jordan is still an elite rebounder in the league, and a change of scenery could do him so good.
The complaint is now being vetted by the Electronic Media Monitoring Centre of the Ministry of Information and Broadcasting. When asked what made her sign the film, she said, "Who wouldn't want to make her Bollywood debut with Rajkumar Hirani.
A draw will just be enough for the Selacao to book the last round of 16 but they were not ready to take any chances. Brazil had an early setback when left back Marcelo was substituted in the 10th minute, limping off the field.
Trump said he would make his announcement on July 9, the day before he is scheduled to leave on a presidential trip to Europe. It comes as no surprise that he is focused on conservative judges, especially considering the potential of overturning Roe v.
Germany are unbeaten in their last 11 games against Sweden and are confident of continuing their dominance over the Swedes. Now all they need is a win next week and a Mexico to win or draw OR a win and goal differential advantage over Sweden.
The NBA is now considering getting rid of the so-called one-and-done rule, where players must spend at least one year in college. The Nuggets are winners in this draft because somehow, someway, they got a top five talent with the 14th pick.
Rising trade tensions and retaliatory tariffs could pose serious risks for Harley-Davidson, rating agency Moody's said on Tuesday. Jim Renacci aligned himself with President Donald Trump, criticizing Harley-Davidson's decision to move some jobs overseas .
Trump officials differ on investment curbs
He also said both sides agreed to connect the Belt and Road initiative to the EU's development strategies. As tensions continue to escalate, trade experts warn there are fewer options to resolve the dispute.
Uruguay outplay Russian Federation , top Group A
Uruguay have finished as first round group winners for the fifth time, having done so previously in 1930, 1950, 1954 and 2010. Suarez tossed aside his translation headphones, then smiled broadly in defiance and finally said: "What a waste of time".
Iran says it can handle fresh sanctions amid unrest reports
In January 2012, Iran agreed to accept India's local currency, the rupee, to settle almost half of its sales to India. Noting that America's allies are aware of its concern, the official claimed these countries want to work with the US.
Joe Jackson dead at 89
Jackson had been ailing for months, but took a turn for the worse in the past two weeks according to sources close to the family. Jackson, who was the father of Michael , Janet , and their eight siblings, was the driving force behind the Jackson 5 .
Travis Scott Performs Medley Of Hits At NBA Awards Show
James was able to lead the Cavaliers to the Finals for the fourth straight season despite only having the fourth seed in the East. To watch the 2018 NBA Awards - which will take place at the Barker Hangar in Los Angeles - live, tune in to TNT at 9 p.m.
World Cup Fans Clean Up After Themselves
"But their fans instead of celebrating minutes after the game are responsible for cleaning their sector before leaving #Respect". Senegal's fans were not the only ones winning praise on social media for their sense of social responsibility.
Erdogan wins Turkey presidential polls
How was the election conducted? Turnout in Sunday's polls was around 87 per cent, according to the state-run Anadolu Agency. Recep Tayyip Erdogan has been elected as the first executive president of Turkey under the new presidential system.