Gas prices are up and OPEC ‘doing little to help’

Oil prices chart new territory on supply-side concerns

Should it succeed and Tehran's two million barrels a day be taken off the market, the cost of oil is likely to soar and cause a major headache for Trump domestically; the American public are known to be hostile to anything that increases the cost of filling up their cars.

Another day, another economic threat from Donald Trump. Your tweets have driven the prices up by at least $10 per barrel.

The United States pulled out of a multinational deal in May to lift sanctions against Iran in return for curbs to its nuclear programme.

Kazempour accused Trump of trying to ramp up tensions between Iran and its regional rival, Saudi Arabia. The Saudi pricing is the first of the monthly releases by state oil companies in the region and most producers usually follow the country's lead.

"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said. The U.S. will not allow those who buy oil from Iran to do business in America without penalty.

Saudi Arabia's energy minister Khalid al-Falih arrives for an OPEC meeting in Vienna on June 22.

Trump wants Saudi Arabia to increase its oil production to offset any lost supply because of what is happening around Iran and the political chaos in Venezuela.

Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

May couldn't watch 'nerve-wracking' England shootout win
After a cagey 30 minutes of extra time, England fans would have been fearing the worst as the match headed for penalties.

Pittsburgh Judge 'Very Much In The Mix' For Supreme Court Nomination
Conservatives - and some liberals - objected to what they said was a "religious test" being applied to torpedo a judicial nominee. Joan Larsen (Pritzker '93) and Diane Sykes (Medill '80) are included on the main list of potential Supreme Court picks.

Facebook bug temporarily unblocked people from 800,000+ block lists
The bug did not reinstate any Facebook friendships, and the majority of those affected only had one person unblocked. Facebook has advised those users affected that they didn't have to do anything as the issue has now been rectified.

President Donald Trump lashed out again at the Organization of the Petroleum Exporting Countries, or OPEC, in his long-running campaign against the oil price cartel. This must be a two-way street.

In May, the USA retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets. "Every president before Trump has done it and it tends to happen in an election year". Most of the Gulf's state oil producers price their crude at a premium or discount to a benchmark.

The president's repeated criticism of OPEC reflects his awareness that higher prices are already hitting a key section of his own electoral coalition. After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon.

U.S. motorists consume nearly 143 billion gallons of gasoline each year, according to the U.S. Energy Information Administration.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement.

If the impact on consumer finances still seems small, a better way to understand the effect is to put the price impact on the same basis as the announced tax cuts. Few thought it would be 1 million bpd or more.

There are a number of factors behind the recent price rise. Any time there's talk of increased production or even a suggestion, prices tend to go down.

Related news:

Hot News

isis-killer-beheading-video-story-top Wimbledon 2018: Serena Williams powers past qualifier Viktoriya Tomova into third round
Jul 06, 2018 - 03:23
However, the 23-times Grand Slam champion is considered by many - including herself - as the woman to beat at these championships. Wozniacki's frustration was only increased by the unwanted infestation that landed at Wimbledon during her match.

isis-killer-beheading-video-story-top Watch a Woman Confront EPA Chief Scott Pruitt at Lunch
Jul 06, 2018 - 02:41
The anecdotes offered ammunition for critics of the now-outgoing EPA chief as a creature of the swamp Trump promised to drain. Pruitt remained silent while Mink spoke, according to the cellphone video shot by Mink's husband.

isis-killer-beheading-video-story-top Canada's Building Trades Unions Stands with Trudeau Government on Misguided US Tariffs
Jul 06, 2018 - 02:37
Do you know what happened? A former Canadian ambassador to the U.S., who was directly involved in negotiations for the Canada-U.S. The winning candidate said he will make that proposal in a meeting Tuesday with current President Enrique Pena Nieto.

isis-killer-beheading-video-story-top Russian Federation : more election meddling evidence found, says Senate panel
Jul 06, 2018 - 02:34
The Senate committee's bipartisan conclusion comes as Trump is scheduled to meet with Putin on July 16 in Helsinki, Finland. Trey Gowdy, R-S.C., said it was "clear based on the evidence" that Putin wanted Clinton to lose in November.

isis-killer-beheading-video-story-top USA will act if not treated properly — Trump warns WTO
Jul 06, 2018 - 02:30
Hassett said he has not heard any news that Trump plans to exit the WTO , "but we are very serious about working to reform it". Walters did, however, reiterate Trump's frustrations with the existing trade system, which he sees as unfair to the US.

isis-killer-beheading-video-story-top Federer breezes into third round at SW19
Jul 05, 2018 - 10:23
No such problems for Federer, who won 35 straight points on his serve on route to beating Lukas Lacko of Slovakia 6-4, 6-4, 6-1. But she was broken again in the final game, becoming the fifth of the top eight women's seeds to lose before the third round.

isis-killer-beheading-video-story-top Netflix is testing out a new 'ultra' subscription tier
Jul 05, 2018 - 10:00
You might have to pay a lot more for your Netflix subscription if your account is regularly used on more than two devices. The current Premium model offers HD and Ultra HD (4K) streaming on up to four devices at the same time.

isis-killer-beheading-video-story-top Another Cup? More Coffee Could Be Linked to Longer Life Span
Jul 05, 2018 - 09:53
He added: "Healthier coffee, free from sugar or syrup, should also be encouraged to optimize any health benefit". Moreover, to get the benefit, it didn't matter whether someone metabolized caffeine slowly or quickly.

isis-killer-beheading-video-story-top Little girl dies after jumping castle 'explodes'
Jul 04, 2018 - 06:41
The inflatable had not been properly secured to the ground at an Easter fair, a trial at Chelmsford Crown Court heard. An inflatable at a beach in Norwich exploded and threw a child 20ft in the air, witnesses say. .

isis-killer-beheading-video-story-top Trump says he'll name high court pick on July 9
Jul 04, 2018 - 06:35
The Senate votes to confirm or deny judicial candidates for federal courts, including Supreme Court nominees. In a tweet today, the president said he will be making his choice for supreme court justice on July 9th.

isis-killer-beheading-video-story-top Seehofer’s last-ditch attempt to agree on migration issue
Jul 04, 2018 - 06:35
The SPD, struggling to recover from its worst election result since 1933, is too weak to abandon Merkel and face a new vote. Then reports emerged from the CSU that Mr Seehofer had offered to step down both as party leader and interior minister.

isis-killer-beheading-video-story-top Japan's 'psychic' octopus killed, turned into sashimi
Jul 04, 2018 - 06:34
Staff at the aquarium fed Paul mussels carrying the colours of either Germany or their opponents during the competition. Abe sold it to market, meaning the octopus could be sashimi by now.

isis-killer-beheading-video-story-top Thailand cave rescue: Medics reach trapped boys
Jul 04, 2018 - 06:34
Attempts are now being made to reduce the risk of over flooding by pumping water from the underground system. Bringing the trapped boys to safety is an extremely risky task given the conditions inside.

isis-killer-beheading-video-story-top Oil falls as Saudi, Russian output rises
Jul 03, 2018 - 06:53
But a flurry of United States announcements over the weekend unsettled oil markets. Officials say they are determined to keep the oil flowing.

isis-killer-beheading-video-story-top Newspaper Suffers Deadly Attack, Publishes the Next Day
Jul 03, 2018 - 06:46
The Capital reports that Mayor Gavin Buckley announced the plans during a visit Monday to a temporary Capital Gazette newsroom. In a later interview on the paper's online site, Davis likened the newspaper office to a "war zone".