Friday, 16 November, 2018

Iran tells Trump: Stop tweeting, it's driving up oil prices

Saudi Arabia's Minister of Energy Industry and Mineral Resources Khalid Al Falih speaks during a press conference with his Russian counterpart Alexander Novak at the Ritz Carlton Hotel in the capital Riyadh on Feb. 14 2018 Iran tells Trump: Stop tweeting, it's driving up oil prices
Russell Knight | 05 July, 2018, 18:41

On Tuesday, WTI hit its highest since November 2014 at $75.27.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. EDT to $78.32 per barrel.

US President Donald Trump has been attacking OPEC for keeping oil prices artificially high - but officials in Iran insist that Trump's tweets are driving crude prices higher.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", he wrote. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. "REDUCE PRICING NOW!" he added.

When that wasn't enough to offset the threat of lost Iranian barrels, he pushed the envelope further, taking to Twitter last weekend to (literally) announce that he had called King Salman on the phone and asked for a 2 million b/d unilateral increase from the Kingdom, a move which, if implemented, would amount to Riyadh effectively going rogue (although, in an effort to stay on Trump's good side, the Saudis' allies in OPEC would likely keep their mouths shut).

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market.

Samsung Messages bug that sends photos to random people being investigated
Samsung's Gallery app has a Shared tab that allows users to share their photos to a contact without leaving the gallery. News of the problem started showing up in Samsung's community support forums and spread quickly across the techsphere.

Trump asked aides if he could invade Venezuela a year ago
Weeks later, at a United Nations meeting with allied Latin American leaders, Trump is said to have raised the issue yet again. In the weeks that followed, Trump remained preoccupied with the idea of an invasion, according to AP.

China issues warning for citizens travelling to US
On July 6, tariffs on Dollars 34 billion worth of imports will take effect, and Beijing has promised to retaliate in kind. Asia was bereft of the usual leads as the USA markets were closed on Wednesday for the Independence Day holiday.

Tehran blames rising prices on USA sanctions imposed on Iran and Venezuela, founding members of the cartel.

Former Shell Oil President John Hofmeister on the outlook for oil prices.

Implied options volatility, a way of measuring uncertainty among crude oil traders and investors, is at its highest since the run-up to last month's OPEC meeting where an agreement was reached to ease output curbs in place since January 2017.

Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the USA".

NAB said its oil price forecasts "point to Brent spending the next few months largely in the mid-to-high $70s (per barrel) range, although meaningful OPEC-Russia output increases could push prices lower later in the year and higher USA shale production should impose an upside limit on WTI".

Crude oil prices saw mixed activity today, widening the spread between WTI and Brent crude as Libya's oil production continues to suffer at the hands of the two rival NOC factions who are determined to duke it out.

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