Fashion world uproar after Burberry destroys $38m of unsold clothes and accessories
Vietjet and Boeing sign US$12.7 billion deal
BA sorry for Heathrow IT-crash delays and cancellations
White House's Kudlow blames China's Xi for blocking U.S. trade deal
State governors caught in crossfire of Trump’s trade war
Iran says Trump 'destabilising' oil market
11 July 2018, 03:55 | Austin Hogan
Iran's oil minister has hit back at Trump over production demands
Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed United States crude inventories fell to their lowest in more than three years.
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.
There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage.
Zanganeh said Iranian oil production and exports had not changed as a result of US pressures.
However, it has not produced more than 10.42 million bpd on an annual basis or 10.63 million bpd in a single month in the last 20 years.
OPEC and Russian Federation and other producers last month agreed to add 1 million barrels to the market.
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 US 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 market has grown concerned that if the Saudis offset the losses from Iran, that will use up global spare capacity and leave markets more vulnerable to further or unexpected production declines.
Thailand Cave Rescue Latest: More Schoolboys Are Saved
Last night, Thai navy SEALs posted a celebratory note on their Facebook page, saying: "Have sweet dreams everyone". Monsoon flooding blocked their exit route and prevented rescuers from reaching them for almost 10 days.
On Saturday, Zanganeh was quoted as saying that the United States president had insulted OPEC by trying to force Saudi Arabia to increase its production.
Blanch is skeptical that the kingdom could pump 12 million or more barrels a day.
Some spare capacity might require drilling new wells within existing fields, in which case it is not strictly speaking spare capacity at all. But now there is growing worry that even a one-million-bpd increase will not be enough.
Domestic stocks had been drawn down to 234 million barrels at the end of April, the lowest level since November 2011.
The comments this morning follow on from yesterday's news that Saudi Arabia raised oil output by about 500,000 barrels per day in June.
Stringent sanctions on Iran will take both Saudi Arabia and the oil market into the unknown.
Trump nominates Brett Kavanaugh to Supreme Court
Relishing the suspense, Trump insisted he still hadn't locked down his decision, which he wants to keep under wraps until a 9 p.m. Ahead of the announcement, three names surfaced as the contenders - Amy Coney Barrett , Kavanaugh and Raymond Kethledge .
Eden Hazard still open to Real Madrid move
I'm leaving, but this shirt, this crest, and the Santiago Bernabeu will continue to feels these things wherever I am. He won the illustrious UEFA Champions League trophy with Manchester United and with Real Madrid .
England vs India 2018, ODI Series - Statistical Preview
That wicket and the consequent quiet, with Pandya promoted ahead of MS Dhoni and Suresh Raina, left India 44 to get in four overs. Considering the start England had, with Jos Buttler and Jason Roy racing to 94/0 inside eight overs, the pressure was on India .
Iranian teen arrested for dancing on Instagram
According to various news reports , Maedeh Hojabri, 18, an Iranian teenager was detained by the Police and later released on bail. Iran's state television on Friday telecasted a video of Hojabri and other arrested persons confessing to breaking moral norms.