Economy

Oil slips on U.S.-China trade dispute, OPEC supply outlook

Oil slips on U.S.-China trade dispute, OPEC supply outlook

Crude prices rallied in London on Monday after two weeks of losses, trading above $74 a barrel. The U.S. president repeatedly voiced his dissatisfaction with OPEC through social media accusing the cartel of driving up the oil prices, this consequently caused some turbulence in the market and resulted in Saudi Arabia's reaction.

Oil's market report for the month of June by EIA and Opec showing a stable demand growth while Non-Opec supply growth increased a bit.

Riyadh meanwhile, which cheered Washington's exit from the nuclear deal, is under pressure from its U.S. ally to boost output as Trump hopes to keep pump prices low ahead of November's mid-term elections.

According to Jain, for the oil markets, the Opec meeting is crucial, as its planned 1.8 million barrels per day (mb/d) output cut went a long way in boosting crude oil prices.

EIA projects that US crude oil production will average 10.8 million barrels per day for full-year 2018, up from 9.4 million barrels per day (bpd) in 2017, and will average 11.8 million bpd in 2019.

Doctor Suspended After Mocking Patient Suffering From Anxiety Attack
Told Bardwell's father via ABC News , 'In my mind, I don't think she should be practicing medicine at all' . At one point, Samuel says he can't inhale , to which the doctor responds-amid chuckles, "He can't inhale.

Resistance is being led by Iran, deeply wary of any move by regional rival Saudi Arabia that could push down oil prices at a time when Tehran faces renewed sanctions following US President Donald Trump's decision to quit its worldwide nuclear deal, which is likely to send the country's oil exports plummeting.

"This escalation of the trade war is unsafe for oil prices", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. Those who hate me call me crude."I worry for my future; everyone now talks down on me".

The two major producers have kept a ceiling in place since late 2016, which has helped ease a supply glut and lift prices, which had fallen to multi-year lows.

"There will be an OPEC conference in Vienna on 22 June.Whenever we have met OPEC members, we have told them that crude oil prices should be controlled, reasonable, responsible and should meet demand". The renewal of Iranian sanctions threaten to disrupt the country's exports later this year and Venezuela's production is also under threat as its economic woes continue.

The prospect of binding Russian Federation, the world's largest exporter after Saudi Arabia, more closely to OPEC might help persuade Iran and Venezuela to back higher production in the second half of the year.

The North Korea Peace Deal
Trump made that announcement following his historic meeting with North Korean leader Kim Jong-un in Singapore. Last year's Ulchi Freedom Guardian went on for 11 days in August and involved about 17,500 US troops.

Roberts said Opec could boost production by about a million barrels day fairly rapidly, but several Opec countries have problems.

The production ceilings have achieved their objective of wiping out excess inventories generated by the 2014 attempt to limit the development of the United States shale oil sector by flooding the market with oil. It said China takes around 20% of all U.S. crude exports.

Two OPEC sources told Reuters that even Saudi Arabia's Gulf allies Kuwait and Oman were against big, immediate increases in output.

Finally, investors are keeping an eye on China because it may follow-through on its threat to put a tariff on USA crude oil imports now that President Trump has threatened the world's second largest economy with about $200 billion in new tariffs. It would be a real increase in production from those countries with spare capacity including Saudi Arabia, Russia and the United Arab Emirates.

Hawks leaning towards Doncic with third overall pick
You put him in a ball screen, middle of the floor, with a good roller, it's a really tough cover. Currently, the Atlanta Hawks and Memphis Grizzlies hold the 3rd and 4th picks, respectively.


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