FDA Could Quickly Crack Down On Menthol Cigarettes
Oil extends losses amid spectre of faltering demand
Toyota Corolla Sedan teased ahead of its North American debut
United States stocks slump, Apple leads losses
California police: Woman beat McDonald's manager over ketchup
Iran says Trump 'destabilising' oil market
11 July 2018, 03:55 | Austin Hogan
An aerial view of an Iranian floating oil export terminal in the Persian Gulf
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.
United Kingdom in turmoil, says Trump, won't back May
Trump has, meanwhile, delivered on US commitments to Europe. "Charge us big Tariffs (& Barriers)!" he wrote on Twitter . Trump while the president was en route to Brussels . "And dear Europe, spend more on your defense", he said .
Croatia beats Russian Federation in shootout to reach semis
Modic will have to show leadership in Sochi if Croatia is to make it to the semi-finals for the second time in their history. Host Russia are set to face Croatia later today in the quarter finals of the world cup at the Fisht Stadium in Sochi .
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.
African players in France's World Cup team
This summer's edition of Les Bleus is composed of players who know France as a country that can win. They started a bit slow but have been upping their game as the tournament is progressing.
LeBron James officially signs contract with LA Lakers
He said: "He loves to compete and is an awesome leader who is about winning and making sure that his teammates are successful". We won't know the answer to that for some time, but James himself seems to be getting the hang of this L.A. thing already.
China Trade War Heats Up As Tariffs Take Effect
The principles underlying the trade policies of New Delhi and President Trump unfortunately are similar - and they are both wrong. The president said USA tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.