Oil edges up to $65 as OPEC seen rebuffing Trump pressure

02 March, 2019, 14:45 | Author: Mary Valdez
  • Trump Warns Saudi Arabia: ‘Relax And Take It Easy’ With Oil Price Hikes

President Trump has repeatedly tweeted about OPEC and oil prices, complaining about higher prices.

US crude oil production has hit a record +12M bpd, an increase of more than +2M bpd since early 2018. Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.

Earlier this month, a House committee approved the "No Oil Producing and Exporting Cartels Act of 2019", or NOPEC, and a version of the bill also has been proposed in the Senate.

This changing dynamics leads to the second issue that Nigeria must take seriously-the OPEC crude cut deal.

Oil prices may appear to be poised for a decline following tweets by US President Donald Trump to lower them, but Goldman Sachs predicts a rally, that may raise crude fare to $75 a barrel.

The risk to Opec comes in the form of the so-called No Oil Producing and Exporting Cartels Act, or Nopec, an act resurrected by United States lawmakers that proposes making the organization subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller.

Brent for April settlement rose 45 cents to end the session at $65.21 a barrel on the London-based ICE Futures Europe exchange. Bloomberg estimated OPEC's compliance at 86 percent in January.

After game-winning shot, Wade’s thoughts turn to Kobe
It was a fun game in the second half, and even though the Warriors lost, it was a fun game-winner from one of the game's legends. Wade took the spotlight Wednesday night when he frustrated Golden State with a last-second, desperate 3-pointer that went in.

Gap to shut shops and hive off Old Navy
The moves, which followed a comprehensive board review, came with Old Navy thriving and Gap and Banana Republic struggling. Plus, closing 230 stores signals that Gap "must have seen that there was too much waste in its business model".

Tesla delivers Model 3 Standard Range Electric Vehicle for the masses
Without these incentives, the new entry Standard Range Model 3 costs $47,600 in Canada and comes with a Standard Interior. Last week, Consumer Reports also pulled its recommendation of Tesla Model 3, citing reliability issues with the vehicle .

Yesterday morning President Trump announced that he was delaying the tariff increases on $200 billion worth of Chinese goods to 25% from 10% reflecting "substantial progress" in the ongoing trade talks between the United States and China. The move contributed to the pullback in prices. Exports hit a record 3.6 million bpd this month.

"When you read into the implication of [Trump's tweet], it's twofold".

Despite this signs the oil market is tightening, there are signs that point to a more amply supplied market heading further into 2019. "We will remember. The OPEC monopoly must get prices down now!"

OPEC members and non-OPEC producers such as Russian Federation are leading efforts to re-balance the market and support oil prices.

Unfortunately, the second largest importer of Nigeria's crude in 2017 was the U.S., with over 94 million barrels of oil sold to the North American country. -China trade dispute have also weighed on the market.

Despite the chorus growing among OPEC countries to increase the oil prices - to boost their earnings - the group's kingpin Saudi Arabia in a delicate position.


  • Indian PM welcomes home Wing Commander Abhinandan

    Indian PM welcomes home Wing Commander Abhinandan

    On Wednesday he pushed for talks with Delhi to prevent the risk of a "miscalculation" between the nuclear-armed neighbours. She said that the world was seeing Indian war hysteria and honest efforts of Pakistan for maintaining peace in the region.
    Tory revolt over May’s Brexit delay offer

    Tory revolt over May’s Brexit delay offer

    May is calculating that the prospect of a delay may persuade pro-Brexit lawmakers to support her deal despite their reservations. French President Emmanuel Macron said any such request would need to be justified by "a clear perspective on the goal".
    West Ham to take it slow with Manuel Lanzini

    West Ham to take it slow with Manuel Lanzini

    Maybe after I finished my contract they brought a lot of new players, invested a lot", he said. However, it is unclear if the east London club will look to keep the Argentina global .
  • Canada begins process of extraditing Huawei exec to US

    Canada begins process of extraditing Huawei exec to US

    Nonetheless, he ordered Diab to be handed over, saying Canada's extradition law left him no choice. Ms Meng and Huawei face United States charges of conspiring to violate USA sanctions on Iran.
    Number Of Confirmed Measles Cases Rises Again In Rockland

    Number Of Confirmed Measles Cases Rises Again In Rockland

    Measles is a highly contagious disease and can cause pneumonia , encephalitis (swelling of the brain), and death. Cases of measles are surging to alarmingly high levels around the globe, a new report from UNICEF warns.
    Church launches canonical probe following abuse conviction of Cardinal Pell

    Church launches canonical probe following abuse conviction of Cardinal Pell

    Mr Gibson said Pell had displayed a "degree of callous indifference" by continuing his attack on the boys despite their protests. Pell's first trial on the charges ended September with a hung jury, with 10 of 12 jurors supporting his acquittal.
  • RLPA rules out NRL player strike action

    RLPA rules out NRL player strike action

    He will be allowed to train with the Dragons but will be unavailable to play NRL and representative football. Previously, they could continue playing while they awaited the outcome of their court cases.
    Jonas Brothers are Officially Reuniting

    Jonas Brothers are Officially Reuniting

    Kevin, Nick and Joe opened up about the reason they finally got back together after a five year hiatus, their new music and more! The band and their leading ladies don colorful, elaborate outfits as the celebrity family parties around a castle setting.
    Fed's Powell sees solid but slower United States  economic growth this year

    Fed's Powell sees solid but slower United States economic growth this year

    USA crude futures stood at $55.98 per barrel, up 0.9 percent while Brent was 0.7 percent higher at $65.66 a barrel. The pan-European STOXX 600 index lost 0.28 percent and MSCI's gauge of stocks across the globe shed 0.02 percent.
  • Kepa Arrizabalaga: Chelsea boss Maurizio Sarri undecided about recall

    Kepa Arrizabalaga: Chelsea boss Maurizio Sarri undecided about recall

    Chelsea signed Gary Cahill from Bolton Wanderers in 2012 and up until last season, the English worldwide was a key member of the first team.
    Lyft IPO: Beating Uber to the Punch Absolutely Crucial to Fuel Growth

    Lyft IPO: Beating Uber to the Punch Absolutely Crucial to Fuel Growth

    Since 2016, within a 2-year span, the revenue of Lyft has increased from $343.3 million to $2.2 billion, by more than 540 percent. Lyft is now valued at $15bn, just seven years after it was founded by technology entrepreneurs John Zimmer and Logan Green.
    Colorado Rockies extend Nolan Arenado

    Colorado Rockies extend Nolan Arenado

    Monday, the Rockies announced they had extended manager Bud Black's contract by three years, keeping him in Colorado until 2022. Ben Maller thinks this is a much bigger win for Arenado and all other free agents than it is for the Rockies .


Canada urges India, Pakistan to avoid further military escalation
The statement did not say which Pakistani fighter jet was shot down although previous reports had suggested it was an F-16. The captured Indian pilot went on to say that "I would not change my statement if I go back to my country".

Nick Kyrgios returns fire at Rafael Nadal 'respect' criticism
Nick Kyrgios has fired back at comments made by Rafael Nadal following the Australian's upset win at the Mexican Open . Kyrgios overcame a bout of nausea and a stiff back to save three match points on the way to beating top seed Nadal .

SpaceX Crew Dragon launch today
This launch is the opening gun in a new space race, specifically as part of NASA's Commercial Crew Program . The Roadster launched on top of the first successfully launched Falcon Heavy rocket last February .

The Kardashians Reportedly Livid Over Jordyn Woods Interview On Red Table Talk
In the said interview, per People.com , Woods denied the allegations that she and Thompson had sexual affairs in the past. The Kardashian-Jenner clan definitely watched Jordyn Woods ' Red Table Talk interview, and did not like what they heard.

Game Of Thrones Final Season Posters: Who's Taking The Iron Throne?
In a joint interview with Glamour magazine , Turner said: "People always think Maisie and I are a couple". Season 8, the conclusion of Game of Thrones , is nearly here.

U.S. military disrupted Russian troll farm on day of November election
Individuals familiar with the issue told The Washington Post that "they basically took the IRA offline" for a day or so. Petersburg-based Internet Research Agency on Election Day in November 2018 and for a few days afterward.

MPs back May's new Brexit strategy as European Union warns of delay conditions
Country Land and Business Association president, Tim Breitmeyer, was equally disappointed by Eustice's decision. The farming minister said he would be voting for her deal when it comes back to Parliament next month.

Pakistan ignores India's request to send back IAF pilot by air
Observers saw the captured pilot's expected release as a move that could possibly ease tensions with India. Pakistan has boycotted the plenary session of OIC meet to protest India's participation there.

Trump rule cuts reproductive healthcare funds for Title X clinics
The Trump administration intends to limit the Title X program that provides birth control and other reproductive health services. But there is no question, she said, that "the underlying scope of [the Title X program] has changed" since 1991.

OnePlus, Qualcomm to start 5G trials in India
And it must be popular with consumers, including OnePlus device buyers, if it keeps coming up every time a new phone launches. At Mobile World Congress 2019 , it seems every company is releasing either a foldable phone or a 5G phone (or both).