Tuesday, 17 July, 2018


Iran says Trump 'destabilising' oil market

Iranian oil minister calls Trump's order to OPEC insulting Iran's oil minister has hit back at Trump over production demands
Conrad Doyle | 11 July, 2018, 16:16

Iran's Opec governor Hossein Kazempour Ardebili was quoted in June as saying that oil prices could jump to $140 a barrel due to the U.S. sanctions against the country and Venezuela.

President Trump's response has been to demand that OPEC boost its oil production by two million barrels per day to calm markets and bring prices down.

Iranian Oil Minister Bijan Zanganeh said the tension between Iran and the United States is a "trade war", adding that Iranian output and exports had not changed as a result of U.S. pressure. But if anything, Trump's bluntness is refreshing: if, as he suggests, the goal of the United States military - with a yearly total budget of a trillion dollars - is to protect OPEC members in exchange for "cheap oil", how cheap is that oil?

The president is right that oil prices are rising, and he's partly correct that OPEC is "doing little to help", insofar as OPEC isn't producing enough oil to cope up with market demand.

This has had traders anxious that the market is in for a shortage, which will cause prices to jump even higher, with some forecasting Brent at over US$100 a barrel.

Think your friends would be interested? Two other sources also said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether they can receive an exemption from USA sanctions on Iran trade.

The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

Iran, OPEC's third-largest producer, is facing U.S. sanctions on its oil exports prompting some buyers to cut purchases.

"Iran's oil will not lose its customers because a lot of companies are buying oil from the country", said Moayyed Hosseini Sadr, the ministry advisor.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

He added that 1.2 million Iranian barrels a day were off the market the last time Iran was sanctioned, but that was possible because USA shale drilling was growing at a rapid pace, demand was lower and Libyan output had come back to the market to make up for some of the Iranian output. The US has directed all countries to stop all their oil imports from Iran by November 4 in a bid to isolate Iran's funding channels. "South Korea overall is lifting zero oil (from Iran) for July loading".

South Korean refiners have since curtailed their Iranian oil purchases and turned to alternative sources such as American and African crude due to expensive Middle East grades and uncertainty over trade with Iran.

Recommended

loading...
...
  • Fitness app Polar Flow, exposed sensitive locations and home addresses

    Fitness app Polar Flow, exposed sensitive locations and home addresses

    You can also make the maps publicly available so other people can see where you're hitting the pavement. The company said users can opt out of having their profiles shared with the public.

    British man exposed to Novichok regains consciousness

    The Sturgess family added: "Our thoughts and prayers also go out to Charlie and his family and we wish Charlie a speedy recovery". Williamson was asked in parliament about the threat facing people in Britain after the death of Dawn Sturgess on Sunday.
    The accessory that every royal member owns except for Meghan Markle

    The accessory that every royal member owns except for Meghan Markle

    In the months between Harry and Meghan's official engagement announcement and the royal wedding itself, it was her go-to style. Meghan the Duchess of Sussex was all smiles through her second appearance on the balcony of Buckingham Palace.
  • Liverpool open talks for Xherdan Shaqiri

    Liverpool open talks for Xherdan Shaqiri

    The 26-year-old winger has a clause in his contract which means he can leave for around £13.5 million if a club pays up. Shaqiri scored eight times for Stoke last season and has made 92 appearances in total since joining from Inter in 2015.
    Rahul rises to career-high third spot in ICC T20 rankings

    Rahul rises to career-high third spot in ICC T20 rankings

    Pakistan emerged champions on Sunday, beating Australia by 6 wickets in the T20I tri-series final held at Harare sports club. Maxwell and Marcus Stoinis could only make five and 12 before falling to Khan and Mohammad Amir (3-33) respectively.
    Thai boys 'passed by hand' to cave surface

    Thai boys 'passed by hand' to cave surface

    Despite all the risks associated with the rescue, she says she never had any doubt that the boys would all make it out. Two of the first group had a lung infection as well, and Thongchai said they would need medicine for seven days.
  • Sei Young Kim breaks LPGA scoring record in 9-shot victory

    Sei Young Kim breaks LPGA scoring record in 9-shot victory

    She was ranked as high as number eight in the world previous year after her win in Mexico and has struggled for much of 2018. Kirk's welcome back to Green Bay was spectacular with that 62 on Thursday but said she just never was able to keep it going.

    George Clooney 'fine' after motorbike crash in Italy

    A hospital official confirmed to NBC that his injuries were not very bad, so the 57-year-old got discharged pretty fast. The image showed slight damage to the actor's bike and smashed glass to the left of the Mercedes car's windscreen.
    Nobel widow Liu Xia leaves China after 8 years' house arrest

    Nobel widow Liu Xia leaves China after 8 years' house arrest

    Her friends say her inability to leave her home has taken a toll on her mental health, especially following her husband's death . Mr Liu died of liver cancer last July while under government custody, prompting fresh global calls for his wife's release.
  • Serena Williams into Wimbledon semifinals for 11th time after Giorgi battle

    Serena Williams into Wimbledon semifinals for 11th time after Giorgi battle

    The pressure Williams puts on opponents, particularly on grass, which accentuates the power and punch of her serve, is profound. I'm always striving for perfection. "But when it actually happens, it still is, like, Wow, this is really happening".
    Rescue begins to pull remaining boys, coach from Thai cave

    Rescue begins to pull remaining boys, coach from Thai cave

    The first kilometer is the hardest, CNN explains, as that's where the children have to navigate a narrow flooded channel. The second phase of the rescue mission began around 11 a.m. local time (midnight ET) and took several hours.
    Death Toll Exceeds 100 After Heavy Rainfall Slams Japan

    Death Toll Exceeds 100 After Heavy Rainfall Slams Japan

    Even as the rains let up, authorities warned the downpours had loosened earth on hillsides and mountain slopes creating new risks. These include Hiroshima , Okayama and Ehime prefectures, where 44, 36 and 25 people have died, respectively.

Trump claims Germany 'totally controlled' by Russia at NATO visit Trump claims Germany 'totally controlled' by Russia at NATO visit The NATO alliance has been critical to the US since its formation in 1949 when it was created in response to the Soviet Union. My task is to try to minimise the negative impact on NATO ", Stoltenberg told a forum in the margins of the summit.

A look back at Trump's strained Twitter relationship with the UK A look back at Trump's strained Twitter relationship with the UK Americans were advised to "keep a low profile ", "be aware of your surroundings", and "monitor local media" during Trump's visit. Robertson called President Trump "a threat to global stability", and added that "he has a tenuous relationship with the truth".

Mesut Ozil's father urges son to quit German national team Mesut Ozil's father urges son to quit German national team Ozil has still not commented, however, which is something DFB chief Reinhard Grindel says needs to be rectified. Mesut Ozil is being urged to seriously consider his worldwide future by his own father.

Italian champions Juventus FC signs Real Madrid forward Cristiano Ronaldo Italian champions Juventus FC signs Real Madrid forward Cristiano Ronaldo The Italian was also asked if he was bothered about the fact that his former club signed Ronaldo right after his departure. Ronaldo has lifted the trophy five times, four with Real, including the last three seasons.

Facebook hit with penalty and fined £500,000 over Cambridge data row Facebook hit with penalty and fined £500,000 over Cambridge data row It's also about half of what the Spanish data protection authorities a year ago extracted from to the firm for privacy failings. British politicians are now calling on Facebook to be more transparent about its internal investigation into data misuse .

Aaron Armstrong, boyfriend of tragic Sophie Gradon, found dead Aaron Armstrong, boyfriend of tragic Sophie Gradon, found dead The Northumbria Police told Chronicle Live that they received a report of a deceased man at a property in Blyth, England. He wrote: "I will never forget that smile I love you so so much baby you're my world forever ever and always".

Facebook BROKE LAW in personal data controversy, says watchdog It also said it would send warning letters to 11 political parties to compel them to audit their data protection practices. The ICO said its investigation is continuing and the next phase is expected to be concluded by the end of October.

Kick-by-kick look at the shootout between Russian Federation and… Kick-by-kick look at the shootout between Russian Federation  and… Russian Federation coach, Stanislav Cherchesov changed his preferred line-up in the round of 16 encounter against the la Rojo. Croatia then began to settle into possession, only to concede against the run of play in the 31st minute.

Pippa Middleton misses the mark in baby blue for Prince Louis' christening The youngest child of the Duke and Duchess of Cambridge, Prince William and Kate Middleton was christened at Chapel Royal in St. His Royal Highness Prince Louis of Cambridge is fifth in line to the throne, and the sixth great-grandchild of Queen Elizabeth .

Deschamps hails French character after semi-final win Deschamps hails French character after semi-final win Goal scorer Umtiti said the win had come on the back of the work of the entire team. We want to finish this tournament in the best possible way".

Can We Please Talk About Kylian Mbappe's Genius Pass Against Belgium Can We Please Talk About Kylian Mbappe's Genius Pass Against Belgium The game will feature plenty of talented attackers and has the potential to be one of the most exciting games of the competition. From Griezmann's corner, Umtiti beat Marouane Fellaini at the near post and powered a header home to put France ahead.

ANP leader Haroon Bilour among 12 killed in Peshawar blast, police say ANP leader Haroon Bilour among 12 killed in Peshawar blast, police say Another party worker, Yaseen Khan, said a deafening explosion rocked the compound as Haroon Bilour shook hands with supporters. The bombing came hours after the Pakistan military spokesman warned about security threats ahead of the national elections.

Hazard will replace Ronaldo at Real Madrid unless told one thing Hazard will replace Ronaldo at Real Madrid unless told one thing The 27-year-old has been a sensational presence in the Premier League and is only beginning to hit his peak. The competition ends this weekend, which is when activity can be expected in the transfer window.

Man City sign Riyad Mahrez from Leicester Man City sign Riyad Mahrez from Leicester Pep is committed to playing attacking football, which is a flawless for me, and City's performances last season were outstanding. Leicester had already brought in cover with the £24m arrival of attacking midfielder James Maddison from Norwich.

Fans get Harry Kane and Harry Maguire tattoos Fans get Harry Kane and Harry Maguire tattoos That evenness is why France is the team to beat in the mind of Jeffrey Marcus, publisher of the World Cup newsletter "The Banter". The bracket contains all teams within all eight groups and how they place into the round of 16 in the knockout stage.