Economy

Saudi Arabia raised oil output by around 500,000 bpd in June

Saudi Arabia raised oil output by around 500,000 bpd in June

"The OPEC monopoly must remember that gas prices are up and they are doing little to help".

USA president, Trump in a series of tweets, is reported to have called for Saudi officials, which represent the most influential oil producer in OPEC, to help pump more crude and lower prices. Saudi's regional allies - Kuwait and the United Arab Emirates (UAE) - have yet to follow suit and kept output steady throughout June.

On Wednesday, the president took to Twitter to say OPEC wasn't doing enough to address higher prices.

Speaking to the Wall Street Journal, Michael Cohen, Head of Energy Commodities Research at Barclays, said the market was now "caught between two forces".

Brent crude futures lost 85 cents to settle at $77.39 a barrel. USA retail gasoline prices, meanwhile, were at their highest level in four years for Wednesday's national holiday.

Soon after that deal was struck, Trump announced that he had done a separate deal with Saudi Arabia to increase production by "maybe up to 2,000,000 barrels".

Donald Trump nears decision on replacement for Supreme Court
But, interestingly in the piece, he makes references to the nominee as " her ". "I'll give you the answer", Trump said. Richard Blumenthal accused Trump of outsourcing his decision to the Federalist Society and other conservative groups.

USA crude futures slipped on Thursday after data showed an unexpected 1.3 million-barrel build in crude inventories.

Oil rallied early in the session on supply concerns, then slid as traders booked profits ahead of the July Fourth holiday in the United States, and bet that global supply shortages would not persist as long as expected.

"You are hammering on good guys in OPEC", he said.

Iranian OPEC Governor Hossein Kazempour Ardebili claimed Thursday Trump's tweets are putting upward pressure on prices.

Oil Industry experts believe Opec's biggest member can raise output by about 1 million bpd to 11 million bpd and even that would be a tall order in the short term. The reaction in the oil price to the latest shots in the US-China trade war has also been limited, suggesting the market's underlying strength remains intact.

In addition, a potential fall in Iranian supplies due to USA sanctions is a factor too.

Canada not helping itself by hitting USA with tariffs-White House
On Friday, U.S. tariffs on $34 billion worth of Chinese imports will take effect. China will impose the taxes on a total of $34 billion worth of US goods.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the U.S. decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

Meanwhile, Royal Dutch Shell's boss has said it will be "foolhardy" for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile U.S. action. "A blockade of this transport route would thus have dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures". That blunted the impact of an escalating U.S.

Libya halted operations at oil ports last week because of national security issues.

The decline in fuel inventories was largely down to the outage at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta.

SpaceX launches a floating 'AI brain' to the ISS
With reassurances like that, the six crew members must be pretty excited to meet CIMON. "It will come to him when he speaks". The aim is to investigate the extent to which robot-human collaboration is possible and efficient in a space environment.


  • China markets swing wildly on growth, trade uncertainty

    China markets swing wildly on growth, trade uncertainty

    The ChiNext Index, China's NASDAQ-style board of growth enterprises, was up 1.18 percent to close at 1,607.12 points Tuesday. In early trade on Tuesday, yuan weakened to a low of 6.7204 against the dollar, the lowest since August 7, 2017.
    Lineup of FIFA World Cup 2018 quarter finals

    Lineup of FIFA World Cup 2018 quarter finals

    Neymar was slammed by fans after Brazil's first game in the tournament, and he has been the subject of conversations ever since. We lost once, and the others were a draw and, going back before that, Sweden have beaten England in big games.
    The Golden State Warriors Have Broken the National Basketball Association

    The Golden State Warriors Have Broken the National Basketball Association

    The veteran enjoyed a resurgence with the New Orleans Pelicans last season and played some of his best basketball in years. If Lonzo gets to dish out a pass to LeBron every once in a while, or maybe set him up for an alley oop, then good for him.
  • Tony Parker agrees to deal with Charlotte Hornets

    Tony Parker agrees to deal with Charlotte Hornets

    It's worth considering, especially knowing that it was Parker's comments that upset Leonard the most. In his final season with the Spurs, Parker played 55 games averaged 7.7 points and 3.5 assists.
    Trump focused on Kavanaugh, Kethledge for Supreme Court

    Trump focused on Kavanaugh, Kethledge for Supreme Court

    Hellerstedt. "I think the single best choice that President Trump could make to fill this vacancy is Sen". This is the point that Democrats are working diligently to broadcast. "We can get into that if you want".
    USA  congressmen meet Russian officials in St. Petersburg

    USA congressmen meet Russian officials in St. Petersburg

    Trump is slated to meet Putin in Helsinki on July 16. "We have to be vocal about it, on guard about it", said Francis. President Donald Trump during their bilateral meeting at the G20 summit in Hamburg, Germany, July 7, 2017.
  • Japan Floods: Dozens dead and missing after record rainfall

    Japan Floods: Dozens dead and missing after record rainfall

    A residential area in Okayama prefecture, on the main island of Honshu , was covered in brown water spreading like a huge lake. Two sisters from an elementary school of just six pupils on the small island of Nuwa in Ehime prefecture were among the dead.
    Scott Pruitt resigns as Environmental Protection Agency Administrator

    Scott Pruitt resigns as Environmental Protection Agency Administrator

    Mr Pruitt had become a constant source of embarrassment to a president who had entered Washington promising to "drain the swamp". "Within the agency, Scott has done an outstanding job, and I will always be thankful to him for this", said Trump in a tweet .
    Martinez names star key to Belgium in Brazil showdown

    Martinez names star key to Belgium in Brazil showdown

    Against Brazil, it will not be about ball possession, but what you do with it. "I don't see that as a valid result". They have only gone out at this stage twice in that run (against France in 2006 and Netherlands in 2010).
  • Another Fox in Trump's White House

    Another Fox in Trump's White House

    Donald Trump is virtually a Fox News contributor, so frequent are his interviews with the Murdoch family's news channel. The White House job of director of communications has been vacant since the departure in March of top aide Hope Hicks.
    The North Koreans

    The North Koreans "Don't Have any Intention of Denuclearizing." — Kazianis on CNBC

    The short joint statement did not define how that would be achieved or say when the process would begin or how long it might take. The secretary has at least a day and a half of meetings planned for his trip, which will be his third visit to Pyongyang so far.
    Scott Pruitt, scandal-plagued EPA Administrator, resigns

    Scott Pruitt, scandal-plagued EPA Administrator, resigns

    There are also multiple inquiries into Pruitt's lease of a $50-a-night Capitol Hill condo in 2017 from lobbyist Vicki Hart. Pruitt served as the head of the association previously when he was Oklahoma's attorney general.