Trump accuses OPEC of driving up oil prices

Oil prices drop as supplies increase

US President Donald Trump in May announced he would pull out of a landmark 2015 nuclear agreement with Iran that had eased sanctions on the oil giant.

Oil slipped after Russian Federation was said to propose that OPEC and other producers in a global alliance reverse the supply cuts they've been making since early a year ago. "Not good!" the president wrote on Twitter. He made similar comments in April.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the USA has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and US sanctions on Iran. A mix of new USA sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market.

Even if the supply gap, triggered by the return of USA sanctions on Iran and a major political crisis in Venezuela, is plugged, the oil market will likely remain vulnerable to disruption next year, the IEA warned.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

The Schork Report Publisher Stephen Schork on the outlook for oil prices.

British tourist and boyfriend who fell off 90ft wall taking selfie
The couple's bodies were taken to a medical centre while authorities contacted the Australian and British embassies in Lisbon. While investigations continue, Corfina Media reported police have ruled out murder as a possible cause of death.

SteamVR Coming to China Through Partnership Between Valve and Perfect World
Steam China will provide Chinese gamers and developers with a new way to access Steam's selection of games and entertainment. New features include a modernized chat experience, a more flexible friend list, group chats built for gaming, and more.

Avengers: Infinity War Hits $2 Billion Worldwide!
Infinity war ended on a cliffhanger when half of the universe was wiped off after Thanos did his infamous snap of the fingers. The highest domestic earner of all time is Star Wars: The Force Awakens with a total of $936,662,225.

The president's tweet comes ahead of a two-day meeting that OPEC and other producers will attend beginning June 22 in Vienna to discuss future policy on output.

Total OECD commercial oil stocks-OPEC's current gauge of the oil market rebalancing-were 26 million barrels below the latest five-year average, as per preliminary data for April.

"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May.

Rising US stocks are in part a result of the surge in US crude oil production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

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

-With assistance from Michael Roschnotti. "At current prices US oil producers are still losing money. Maybe they are actually way too low".

Related news:

Hot News

isis-killer-beheading-video-story-top United States and N Korean leaders to visit each other's countries
Jun 13, 2018 - 19:43
On Monday, Mattis told Pentagon reporters that there had been no discussions on future withdrawals of USA troops from Korea. People have been down this road before, but I'm not also going to be unduly negative, ' Mr Shorten told reporters in Perth.

isis-killer-beheading-video-story-top Relief for Thomas who revels in Criterium du Dauphine win
Jun 13, 2018 - 19:39
Yates said: "The Tour de France has been my main goal for the whole season". I was always thinking of the next day or the next day. It's a massive race and it's an incredible feeling.

isis-killer-beheading-video-story-top ZTE Shares Are Trading Again After Its Sanctions Deal With Trump
Jun 13, 2018 - 19:37
Department of Commerce implements its recent settlement with the Chinese firm, the U.S. company said on Tuesday. Then the full bill will have to pass, and be merged with a version that passed the House earlier this year.

isis-killer-beheading-video-story-top Peter Navarro Apologizes for 'Special Place in Hell' Comment - Cortney O'Brien
Jun 13, 2018 - 18:52
Canada is the U.S.'s largest trading partner, and the US economy would struggle to make up for Canada's absence, Heyman noted. We protect Europe (which is good) at great financial loss, and then get unfairly clobbered on Trade.

isis-killer-beheading-video-story-top Toyota just sunk another $US1 billion into Asian ride-sharing giant Grab
Jun 13, 2018 - 18:40
This deal will apparently raise Grab's value from US$6 billion to US$10 billion, according to TechCrunch . This strong partnership will enable us to become the one-stop mobility platform in Southeast Asia.

isis-killer-beheading-video-story-top Consumers’ Internet Use Could Change As ‘Net Neutrality’ Ends
Jun 13, 2018 - 18:39
Martin said broadband providers probably won't mess with existing services like Netflix, as that could alienate consumers. Senate voted to repeal the FCC's decision on killing net neutrality , but this was seen as a largely symbolic victory.

isis-killer-beheading-video-story-top Trump wants to stop provocative 'war games' with South Korea
Jun 13, 2018 - 18:25
But the statement did not specify his North Korean counterpart by name, saying it would be a "relevant, high-level" official. Now that the summit is over, Secretary of State Mike Pompeo is busy working on implementing the summit's agenda.

isis-killer-beheading-video-story-top Controversy over Prince George with toy gun
Jun 13, 2018 - 17:58
The midi length and waist tie further flatter the frame, making this an easy choice for a Sunday family outing. Charlotte was also pictured peering into her mom's purse.

isis-killer-beheading-video-story-top Dixons Carphone Breach Hits 5.9 Million Cards
Jun 13, 2018 - 17:56
Most of the cards are protected by chip and pin protection, but 105,000 non-EU cards are at even higher risk of fraud. As of now, there are no known cases of any fraudulent use of the compromised data, the company claims.

isis-killer-beheading-video-story-top How will the 2026 World Cup vote work?
Jun 13, 2018 - 17:43
FIFA's hosting selection process was revamped in the wake of recent scandals enveloping the world governing body of soccer. The "United" bid received 134 of the 203 votes cast at the FIFA Congress in Moscow, while Morocco polled 65.

isis-killer-beheading-video-story-top France to put freeze on palm oil use, imports
Jun 13, 2018 - 17:27
The move came after the French energy giant Total made a decision to use a cheaper, imported palm oil at its biofuel plant. Last month, authorities gave Total permission to use palm oil as a feedstock.

isis-killer-beheading-video-story-top US, Mexico and Canada to host 2026 World Cup
Jun 13, 2018 - 17:16
The FIFA World Cup 2018 opening ceremony will take place at 6.30 pm IST on June 14, at the Luzhniki Stadium in Moscow. The 2026 World Cup will head to North America for the fourth time and will be the first with 48 teams taking part.

isis-killer-beheading-video-story-top The keys to Griezmann's imminent announcement
Jun 13, 2018 - 17:04
Aside from the announcement, if he confirms his exit from Atletico, the topic could drag on for a few more weeks. "But Antoine will remain in Spain, that much is clear, so no worries".

isis-killer-beheading-video-story-top Why Meghan Markle stood behind Kate Middleton for her balcony debut
Jun 13, 2018 - 16:51
Last weekend, Meghan attended the Trooping the Colour: a 260-year-old tradition to honour the reigning monarch's birthday. However, it could also be argued that these facets of her personality are also what makes her so popular.

isis-killer-beheading-video-story-top Raccoon makes habit out of scaling skyscrapers
Jun 13, 2018 - 16:42
According to Nelson , when a maintenance crew managed to get the animal to leave the ledge, it only jumped onto a nearby building. This article was updated to reflect the lack of information on the raccoon's situation following its ascension to the roof .