Oil prices slip as Trump calls on Opec to lower prices

On Thursday, Trump linked American support for Middle Eastern countries to oil prices as he again urged OPEC to lower prices.

'We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! Earlier this month, Saudi shipments into the USA reached a four-week average of 1 million barrels a day for the first time since late 2017, according to government data.

Trump seemed to threaten the withdrawal of U.S. military resources from the Middle East if OPEC members in the region didn't work to lower prices.

OPEC with a group of non-OPEC producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

Jason Gammel, analyst at US bank Jefferies, said he expects Saudi Arabia to try to keep the oil market adequately supplied into 2019, "but at the cost of spare capacity", a key supply buffer to prevent oil price volatility.

Despite Thursday's losses, Brent prices have flirted with $80 a barrel this month, the highest price since May.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming USA sanctions against Iran, which are set to take effect in November. They also don't want oil prices to fall too much'.

Taiwan police arrest Texas 3D gun man accused of sex with minor
Police said they reviewed hotel surveillance footage "showing the victim and Wilson exiting an elevator onto the seventh floor". The agency told BuzzFeed that because Wilson "lost a valid travel document, he no longer has a legal status to stay in Taiwan".

Crude oil prices have been rising over the past year as a result of the Organisation of the Petroleum Exporting Countries' strategy to tighten supply.

OPEC meets on Sunday in Algeria, but the discussion is slated to revolve around current output production levels, and making sure all participants are still on board with things as they now are.

OPEC sources say there is no immediate plan for any official action as such a move would require OPEC to hold what it calls an extraordinary meeting, which is not on the table.

NYMEX crude is hovering at $70 per barrel, with a gain of almost 18 percent this year, while Brent, which measures the global market, nears the $80 per barrel mark, up almost 19 percent this year.

"It's complicated. Saudi Arabia has to balance oil supply and demand, and it has to balance oil prices so they don't rise too much before the United States elections", one OPEC source told Reuters.

Though Saudi Arabia has never tested such high levels, it has said it pumped 10.7-10.8 million bpd in the past.

Related News:

  • Massive spiderweb blankets Greek beach for spider mating 'party'

    Reuters reports that giant spiderwebs recently started blanketing the shores of Aitoliko in western Greece. Greek local and photographer Giannis Giannakopoulos captured stunning photographs and a video of the webs.
    1 year after Hurricane Maria: Vigil held to honor lives lost

    1 year after Hurricane Maria: Vigil held to honor lives lost

    Now, New York State is dispatching another 500 college students to help rebuild homes in Puerto Rico . It's a historic failing", said Carmen Yulin Cruz, speaking on CNN's " Anderson Cooper Full Circle ".
    Man accused of killing ISU student had lengthy criminal history

    Man accused of killing ISU student had lengthy criminal history

    "This is a tragic and senseless loss of a talented young woman and an acclaimed student athlete", said Dr. The university's women's golf team withdrew from a competition in MI to return home to grieve her death.
  • Rosenstein: 'Incorrect' NYT Story Came from Sources Biased Against DOJ

    Rosenstein: 'Incorrect' NYT Story Came from Sources Biased Against DOJ

    None of Rosenstein's suggestions were implemented, as far as the sources speaking to the Times are aware. In a statement to the newspaper, Rosenstein called the story "inaccurate and factually incorrect".
    A look at flooding before and after Florence

    A look at flooding before and after Florence

    Through tears, she said she has survived hurricanes Floyd in 1999 and Matthew in 2016 but "this has been the absolute worst one". This year, the water broke the windows, leaving the pews a jumbled mess and soaked Bibles and hymn books on the floor.
    30 suffer nosebleed due to Jet Airways' staff negligence

    30 suffer nosebleed due to Jet Airways' staff negligence

    Several commuters complained of severe headaches and at least 30 reported bleeding from their nose and ears. Only half of the people stranded at the airport got refreshments after repeatedly asking for it.
  • Can Liverpool end their long Premier League wait in 2019?

    Can Liverpool end their long Premier League wait in 2019?

    Between 1972 and 1990 Liverpool won 11 First Division titles, 3 European Cups, 2 UEFA Cups, 3 FA Cups, and 4 League Cups. He was dispossessed five times by Liverpool defenders. "I think Bobby doesn't need his eye to play so I told him".
    Klopp hails Salah’s desire to work for the team

    Klopp hails Salah’s desire to work for the team

    The best news I have had in the last two weeks is how we have changed or reinvented again our defensive skills. I've said a few times, without the three forwards in running mode, we have no chance.
    Jordan Peele to narrate the new Twilight Zone, see first teaser

    Jordan Peele to narrate the new Twilight Zone, see first teaser

    Now we've learned, via Variety , that Peele will not only be producing The Twilight Zone , but hosting and narrating it as well. In the clip of the host announcement below, you'll hear a mix of Serling and Peele's voices doing the iconic opening intro.
  • See Joaquin Phoenix in full 'Joker' makeup

    The movie, which also stars Robert De Niro, Zazie Beetz and Frances Conroy, is set to be released October 4, 2019. The footage doesn't show much but it does give us a look at Phoenix sporting some eerily familiar Clown makeup .
    Japanese Billionaire Will Fly To The Moon With SpaceX, Elon Musk Says

    Japanese Billionaire Will Fly To The Moon With SpaceX, Elon Musk Says

    The identity of the traveller will be released at SpaceX headquarters in Hawthorne, California , during an event Monday evening. Maezawa will be the first person to travel into lunar orbit since the last Apollo mission in 1972.
    Alibaba Won't Create 1 Million US Jobs, Blames US-China Trade Friction

    Alibaba Won't Create 1 Million US Jobs, Blames US-China Trade Friction

    The 54-year-old former teacher repeated his desire to pursue a new career, likely in the field of education. This article is strictly for informational purposes only.


Most liked

India cancels talks with Pakistan over 'brutal killings'
The Permanent Missions of both India and Pakistan will together work out the details. India has not been holding official talks with Pakistan following the attacks.

#OnThatNote: Getting Creative With The Samsung Galaxy Note 9 Camera
Sensors onboard include accelerometer, gyroscope, proximity sensor, RGB light sensor, and a side-mounted fingerprint sensor. Featuring a premium 6.0-inch Super AMOLED display, the Galaxy A7 lets you experience and share the world as you see it.

Streak over: Cleveland Browns win after 635 days
Mayfield played the final two minutes of the second quarter and the second half, and completed 17-of-23 for 201 yards. I truly believe that we are going to win a lot more games. "Oh, I felt the energy", Mayfield said.

Three babies and two adults stabbed at NY childcare centre
All of those injured were taken to hospital in "critical but stable condition", police said, and are expected to survive. A police officer stands guard at the house were five people were stabbed overnight, Friday, Sept. 21, 2018, in NY .

Brett Kavanaugh nomination: Trump challenges accuser
They also mentioned having only one camera in the room, and said Ford is opposed to being questioned by outside counsel. The Democrats, all of whom served as prosecutors or state attorneys general, noted that President George H.W.

County health department is offering clinics for flu vaccine
You're much more likely to experience a bad reaction to the flu than you are to react negatively to the vaccine. It takes about two weeks after vaccination for antibodies that protect against flu to develop in the body.

Frustrated Gary Cahill could leave Chelsea amid lack of game time
The new Blues boss has one conflict to sort out with one players asking to leave Stamford Bridge. It's only a small bump though as the player is yet to play this season.

Arsenal's ‘great’ Europa League start excites Alex Iwobi
The Bundesliga is good but the Premier League is better, so I will look forward to playing any time in the Premier League. Of course, he is a big personality. "For us it is very important to start this competition with this victory".

Audi Launches Electric SUV in Tesla's Backyard, With Assist From Amazon
Drivers of the e-tron will be able to get an 80 percent charge in about a half hour at public high-speed charging stations. Fast charging with up to 150 kW and ample range suitable for long-distance journeys are benchmarks in this class.

These photos show how much Hurricane Florence 'ravaged' the Carolinas
In 1954, Hurricane Hazel tore through Haiti and North and SC , killing 95 people in the US and as many as 1,000 people in Haiti. He rationed the feed he had on-hand as best he could, and used 250 gallons of diesel per day to keep his generators running.

Ontario MP Leona Alleslev quits the Liberals to join the Conservatives
As an MP, she has sat on the immigration and defence committees and served as chair of the Canadian NATO Parliamentary Association.

Google Accepts Remotely Changing Settings On Android Phones; Apologizes For "Bug"
Google has apologised overnight through their official account in the PixelCommunity subreddit. One Reddit user responded: "Yeah the whole "we'll fix it guys" is not gonna fly on this one".

Tampa Bay Buccaneers QB Jameis Winston sued for alleged groping incident
So are the Eagles (1-1), who fell behind on Jackson's 75-yard TD reception of the first play of the game and never fully recovered.

Girl critical after 2nd shark attack on same Australian isle
The 46-year-old woman suffered significant leg and torso injuries after the incident at Cid Harbour about 5pm on Wednesday. Ms Barwick, a mother of two, would likely have bled to death without the quick-thinking actions of people in nearby boats.

Kanye West Rants Against Drake, Nick Cannon Over Kim Kardashian Lyrics
He's also got beef with an unreleased Drake and Future song that featured lyrics saying, "I got 20 motherf**king Kylie's". Don't speak on nothing from my family and nothing that could even be mentioned with my wife.