Friday, 17 August, 2018

Trump eyes oil prices: ‘OPEC is at it again’

Jean Garcia | 14 June, 2018, 09:38

Production cuts by OPEC have led to global oil prices hitting a four-year high last month that forced a Rs. 3.8 per litre raise in petrol and Rs. 3.38 a litre increase in diesel prices.

Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in us fuel inventories provided the market with some support. While OPEC countries are still the dominant suppliers to Asia, nearly all big importers in the region have increasingly turned to US crude after a four-decade ban on American exports was lifted in late 2015.

The IEA noted meanwhile that only Saudi Arabia and OPEC's other Middle East members have the ability to ramp up production swiftly to alleviate any supply shortages in the market. Oil output for Venezuela has been crimped by the nation's economic crisis while USA sanctions on Iran could further reduce that country's output.

Russian and Saudi production has been held back voluntarily since 2017, when the Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started supply cuts aimed at propping up prices.

Oil prices reversed losses, USA crude settling 0.4% higher at $66.64 a barrel, and Brent crude rising 1.1% to $76.74, amid reports that Russian Federation wants a full-rollback of production cuts it had agreed to make with OPEC in 2016.

Non-Opec growth for 2019 also includes a modest increase from Russian Federation "reflecting a possible contribution to compensating for lost production from Iran and Venezuela", analysts said.

Norwegian lawmakers nominate Trump for Nobel Peace Prize World News
The most recent Americans to win the Peace Prize were then-President Obama in 2009 and former Vice President Al Gore in 2007. So while Trump and Kim could be among the 330 nominees for 2018, an award linked to North Korea may be more likely in 2019.

The oil-buying alliance may initially be made up of India and China, with South Korea and Japan - also major buyers - joining the club later, the Indian government official said on Wednesday.

Russian Federation and Saudi Arabia are set to open the football world cup, which kicks off in Russian Federation on Thursday. This trend is expected to continue, as additional pipeline capacity will be coming on line in the second half of the year. "Not good!" Trump wrote in a post on Twitter on Wednesday after last raising the issue in April.

"Looks like OPEC is at it again". With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

Trump sent out his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore and it was not immediately clear what prompted his comment.

Dangers included the possibility of higher prices amid trade disruptions prompted by the tariffs war unleashed by the United States against China, but which has also sucked in the EU, Canada and Mexico. Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high??

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