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Category Archives: OPEC (Organization of the Petroleum Exporting Countries)
President Donald Trump says Saudi Arabia's king "might not be there for two weeks" without U.S. military support, further increasing his pressure on one of America's closest Mideast allies over rising oil prices. As crude oil prices reach a four-year high, Trump repeatedly has demanded OPEC and Saudi Arabia, the world's biggest oil exporter, push prices down.
President Donald Trump says Saudi Arabia's king "might not be there for two weeks" without U.S. military support, further increasing his pressure on one of America's closest Mideast allies over rising oil prices. As crude oil prices reach a four-year high, Trump repeatedly has demanded OPEC and Saudi Arabia, the world's biggest oil exporter, push prices down.
A Chinese navy hospital ship docked near Venezuela's capital on Saturday as the OPEC nation's deepening economic crisis garners the attention of the U.S. and other world powers. Defence Minister Vladimir Padrino was on hand to greet the People's Liberation Army Navy's ship, the Peace Ark, on its latest stop as part of the 11-nation "Mission Harmony" tour announced in June.
President Donald Trump could soon tap the Strategic Petroleum Reserve in an effort to lower oil prices just ahead of the U.S. midterm elections in November. The Trump administration is considering releasing up to 30 million barrels of oil into the market, cutting the stockpile nearly in half , according to Bloomberg.
As the FBI drills down in its investigation into Russian interference in the 2016 election and the Pentagon vows to build new capabilities to take on Russian weapons, Russia is, in plain sight, also working on a global power grab with its energy gambit. Nord Stream 2 , the deal that prompted President Donald Trump to blow a gasket at the NATO summit earlier this month, has Germany doubling the amount of natural gas it is buying from Russia.
As the Helsinki summit approaches, President Trump appears to be on the verge of acquiescing to parts of the belligerent strategy and behavior that Moscow has been pursuing for decades. The summit will be a culmination of Trump's often-proclaimed eagerness for better relations with Russian President Vladimir Putin.
Since he became Saudi Arabian energy minister two years ago, Khalid Al-Falih has had a good run: he persuaded a fractious OPEC to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude rise nearly 75 percent to $80 a barrel. But his toughest test comes next week when the Organization of Petroleum Exporting Countries holds what's likely to be its most difficult meeting in years.
Global oil supplies could be hit by the decision by the US to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA said on Wednesday. The decision by US President Donald Trump to withdraw from the Iran deal "has switched the focus of oil market analysis from the fundamentals to geopolitics," the International Energy Agency wrote in its regular monthly report.
But, yes, this is most definitely true: The Castro colony of Venenozuela - which has the world's largest oil reserves, but has become incapable of tapping those riches effectively - has been BUYING oil from other nations so it can keep providing its colonial masters with the required tribute. Granma Euro-Lite reports that Venenozuela sells the oil at a great discount to Castro, Inc. ON CREDIT but that it will most probably never get paid because it has made an agreement with Castro, Inc., to receive "goods and services from Cuba in return for oil."
President Donald Trump and then-Deputy Crown Prince of Saudi Arabia Mohammed bin Salman speak in the Oval Office March 14, 2017. CREDIT: NICHOLAS KAMM/AFP/Getty Images The price of crude oil has jumped to its highest level in more than three years.
President Donald Trump, in a recent tweet , has drawn attention to a pernicious threat against American interests that has persisted for decades: The Organization of the Petroleum Exporting Countries and its alliance with other petro states as they seek to control the price and supply of oil. With its stated goal of reducing the world's oil glut in sight, the cartel and its unofficial members should have spent their meeting in Jeddah discussing an exit plan for this pact.
Here's a look at Venezuela, an OPEC member state that has the largest proven reserves of oil in the coalition. Other Facts:Venezuela is located on the northern coast of South America, sharing a border with Colombia, Brazil and Guyana.
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Washington: The first shipment of American crude oil is likely to reach India in the last week of September, opening new vistas in the Indo-US ties. With this India, the world's third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy American crude after production cuts by OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
The Trump administration's decision on Wednesday to slap sanctions on eight members of Venezuela's all-powerful constitutional assembly brings to 30 the number of government loyalists targeted for human rights abuses and violations of democratic norms since anti-government protests began in April. But even as the list of targeted individuals grows longer, promised economic sanctions have yet to materialize amid an outcry by the U.S. oil industry that a potential ban on petroleum imports from Venezuela - the third-largest supplier to the U.S. - would hurt U.S. jobs and drive up gas costs.
The inventory gains added to market worries about crude supplies, despite the recent agreement among OPEC and other oil producing nations extend output cuts of 1.8 million barrels a day into next year. Since OPEC announced the extension of production cuts, the market has continued to react bearishly with respect to the oil price.
Bill McNabb, chief executive officer at Vanguard Group Inc., discusses his concerns about the U.S. market as he sees it fully valued at this time. He speaks with Bloomberg's Tom Mackenzie on "Bloomberg Markets: European Open."
IEA Head of Oil Market Division Neil Atkinson weighs in on OPEC's attempt to extend oil production cuts and talks about and compliance. He speaks on "Bloomberg Daybreak: Europe."
With all the publicity around fracking, it's easy to assume that America's own domestic oil production is more than enough to fuel a growing economy. It certainly helps.