Oil eases on China refining dip, higher USA crude output

Trump declares oil prices too high, blames OPEC

USA crude output has risen nearly 30 percent in the last two years to a record high of 10.9 million barrels per day.

The U.S.is putting pressure on OPEC members to increase production as global benchmark prices flirt with $80 a barrel, raising pump prices in the months before the U.S. votes in midterm elections that could decide which party controls Congress.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again".

"We have looked at a scenario, not a forecast, showing that by the end of next year output from these two countries (Venezuela and Iran) could be 1.5 mb/d (million barrels per day) lower than it is today", it said in a report.

Saudi Arabia last month signaled it was ready to boost output in the second half of the year to ease consumer anxiety about higher prices, a policy U-turn for the kingdom that only weeks earlier advocated for production restraint.


Brimming with confidence after the recent informal summit between Prime Minister Modi and President Xi Jinping, India and China are discussing ways to form an oil buyers club with China, Japan and South Korea.

Since early in 2017, however, OPEC has coordinated with Russian Federation, another oil-exporting country that is not an OPEC member, to try to regulate global supplies.

Meanwhile, output from Venezuela - a major oil exporter to the US - has plunged as the country goes through a political and economic crisis. The House Judiciary Committee approved a bill Wednesday to subject OPEC to USA antitrust law by removing state immunity shields.

Although Saudi Arabia has benefited from oil's rally over the last two years, the government relies on a strong security relationship with the US, giving Washington some influence in the debate over OPEC policy. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices. The committee chairman, Rep. The measure now goes to the full House.

The US move has pressured European and Asian clients to stop importing Iranian oil or doing business with the country.

Earlier in the session, Brent and US crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts. "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two". The calculus changed after Trump announced in May that Washington was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions. He previously covered the Trump White House. Schumer spoke as he stood in front of the price sign - regular for $3.09 - at an Exxon station on Capitol Hill.

Related News:

  • Ewan McGregor to Play Adult Danny Torrance in Doctor Sleep

    Ewan McGregor to Play Adult Danny Torrance in Doctor Sleep

    The outlet notes that author Stephen King has given his blessing to McGregor's casting. Ewan McGregor is checking into the Overlook Hotel.
    Tesla cuts 9 percent of workforce in bid to post profit

    Tesla cuts 9 percent of workforce in bid to post profit

    The report comes amidst other significant news becoming public, that the company is laying off almost 10% of its workforce. Tesla shares rose 2.5 percent to $340.34 in afternoon trading, after reaching as high as $354.97 around noon.
    After compromise, May set to avoid parliament defeat on customs

    After compromise, May set to avoid parliament defeat on customs

    Flint said she could not support EEA membership because it would mean there would be no restriction on free movement. Anti-Brexit MPs had argued that removing the no-deal effect was necessary for the vote to be a meaningful one.
  • Samsung Galaxy Note 9 To Come With A 4000mAh Battery

    Samsung Galaxy Note 9 To Come With A 4000mAh Battery

    Samsung asked users around the world to "immediately" return their existing Galaxy Note 7 and get a replacement. The new phone is expected to come with a 3,850 or 4,000 mAh battery, bigger than its predecessor's 3,300 mAh.
    Detained immigrant takes his own life in Texas jail cell

    Detained immigrant takes his own life in Texas jail cell

    Representatives from the Starr County Sheriff's Office did not return multiple calls and emails for comment on Saturday. Officers booked Muñoz at almost 10:00 p.m. on May 12 and reportedly checked on the man every 30 minutes.
    Sony Announces New VR Games From Rick and Morty Creator, Bloodborne Dev

    Sony Announces New VR Games From Rick and Morty Creator, Bloodborne Dev

    Trover Saves the Universe was announced for PSVR at Sony's E3 2018 presser, and, well, just give the above trailer a watch. No release date has been revealed for the game, though we should hear more information sooner rather than later.
  • Stranger Things Video Game Coming From Telltale Games

    Stranger Things Video Game Coming From Telltale Games

    Stranger Things: The Game is available for free and is heavily influenced by retro games from the 80s like The Legend of Zelda . Netflix announced that it's not necessarily getting into gaming but it is adding some streaming games to its service.
    Vivo launches bezel-less NEX smartphone with popup selfie shooter

    Vivo launches bezel-less NEX smartphone with popup selfie shooter

    NEX breaks industry conventions and is Vivo's latest milestone on its journey to set new limits for smartphone design. There's a dedicated button on the side of the camera that triggers Jovi on the long-press action.
    Morocco and roll: dice were stacked against ‘African’ bid

    Morocco and roll: dice were stacked against ‘African’ bid

    At least that's the prediction of Achilles, a cat in St Petersburg reputed to have psychic powers. Jevne admitted that co-hosting 2026 World Cup would make the press box upgrades a priority.
  • Fight star McGregor appears in NY  court after melee

    Fight star McGregor appears in NY court after melee

    It is unlikely that McGregor or Cowley would plead to a felony, which could bar them from traveling to the United States. He never defended the title, though he took on boxer Floyd Mayweather last August in a conventional boxing match.
    E3 2018: Black Ops 3 Free on PlayStation Plus Tonight

    E3 2018: Black Ops 3 Free on PlayStation Plus Tonight

    Previously the Black Ops 4 FAQ did say that content which is part of the Black Ops pass can not be purchased separately. Interestingly, this was the first year in quite a while that Call of Duty didn't spend much time in the spotlight.
    Uber aims to identify drunk passengers

    Uber aims to identify drunk passengers

    This can then be matched with the user's location and the time - near a nightclub and in the early hours, for example. The app's ability to predict user behaviour could also be used by Uber drivers to detect user's vulnerability.


Most liked

Antarctica Is Melting Three Times Faster Than a Decade Ago
Breakups of ice no longer act as a natural buffer for inland ice and glaciers make their way downstream and to sea much quicker. However, ice retreat today is about more than 20 times that rate - more than 3,200 feet (1 kilometer) per year.

Severe thunderstorm watch in effect for Peel Region
Peel is one of many regions in southern and eastern Ontario under severe thunderstorm watch, issued by Environment Canada . Temperatures are expected to reach a high of 26°C on Wednesday, with a warm stretch continuing through to the weekend.

This Is How the Warriors Won the 2018 NBA Championship
James is set to become a free agent after exercising his player option, though he could still work out a new deal with the Cavs. Durant played 312 possessions, over the course of which he held his matchups to a combined 33-of-65 (50.7 percent).

Research Report For Boston Scientific Corporation (BSX)
During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. Also, there are 0 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.36 average brokerage recommendation.

SNP MPs walk out of Commons after Blackford Bercow clash over Brexit
As Blackford left, he was joined by his colleagues, some of whom jeered and gesticulated at the Conservative MPs opposite. The SNP claimed it had gained 1,100 new members in the hours after the clash at Prime Minister's Questions.

US Oil Production Jumps, Eyes 11 Million; Trump Hits OPEC On Prices
But infrastructure and logistics could constrain growth and the IEA only sees supply growth of 1.7 million bpd in 2019. There were already signs of a slowdown in the growth of global trade volumes, the IEA said, which was "a concern ".

Sachin Tendulkar wants more opportunities for minnows after Scotland win
Anyone here or watching could see the energy from the crowd and what passion there is for cricket up here. It was an outstanding game and the guys did unbelievably well to knock over the No.1 side in the world.

Half of Americans back Trump's handling of North Korea
Pompeo said a day earlier he would like to accomplish major nuclear disarmament in North Korea within Trump's current term. Trump cast the decision as a cost-saving measure, but also called the exercises "inappropriate" while talks continue.

Microsoft Office update brings simplified design, better search
Microsoft isn't the only technology giant that has been brushing up the interfaces of some of its most popular products. This functionality is already present in the Outlook mobile app , Office.com, and SharePoint Online.

Polio re-emerges in Venezuela almost 30 years after eradication
He criticized officials in the government of Venezuelan President Nicolas Maduro for waiting more than a month to notify PAHO . The health organization adds that in a small number of cases, polio can cause paralysis that is often permanent.

Nike Won't Supply Iran With Cleats for FIFA World Cup
Team Melli' or Iran national football national team are among the first country to reach Russian Federation where the Fifa World cup is being hosted.

Shy teen earns Golden Buzzer with soulful performance on ‘America’s Got Talent’
She has also sung locally in Hartlepool, but America's Got Talent opens up a whole new audience for the schoolgirl. It's not her first foray into talent shows, after being pipped at the post on The Voice Kids UK .

Sarah Sanders, Raj Shah Latest Trump Staffers Said to Be Eyeing Exit
Several White House staffers have left the administration over the last several months, some voluntarily and some involuntarily. Communications director Anthony Scaramucci was sacked last summer after a brief stint at the White House.

USA, Canada and Mexico to host football World Cup 2026
The 2026 World Cup is to be the first to feature 48 teams, compared to the 32 that are to compete in Russian Federation and Qatar. Another three are cities that will have expansion teams coming into MLS. "Thank you so, so very much for this incredible honor".

England going in right direction, despite blowing big lead, says coach
As Jones walked down the tunnel at the end of the Test, some home fans leaned over the railings and verbally insulted him. Jones said: 'Faf was excellent, he was a little buzzsaw. 'The two wingers look like they run as fast as Usain Bolt.