Iran slams Trump and his 'tweeting methods'

Iran slams Trump and his 'tweeting methods'

Such a move by Beijing-which appears more likely with this latest round of tit-for-tat tariffs-threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC's share in the market-a market that is setting the pace of global oil demand growth. A figure of 32 million barrels per day is agreed, but the real increase will not be the optical one million barrels per day, but rather the aforementioned 650,000 one.

The average cost of gasoline has risen nearly 60 percent from a cyclical low of $1.87 a gallon in February 2016 to $2.97 last month.

Total annualised expenditure on gasoline has already risen by about $157 billion a year over the past 30 months.

US budget analysts generally look at the impact of tax changes over a ten-year period ("Estimated budget effects of the conference agreement for HR 1", Joint Committee on Taxation, Dec. 18, 2017).

US crude futures CLc1 were also down 25 cents at $73.89, not far from Tuesday's 3-1/2-year high above $75. The 52-week range on August futures is $46.51 to $75.57.

"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said. Trump points to the 2 million barrels that the Saudis claim as spare capacity as the oil that should be pumped right now. Nor is it in their best interests to open the taps further. "Every president before Trump has done it and it tends to happen in an election year".

Oil was mixed on Friday, with short-covering pushing up USA crude futures while Brent slipped on global trade tensions and increased Saudi production.

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In the end, Iran and other price hawks were forced to accept the modest output hike of 1 million b/d, some 500,000 b/d short of the figure proposed by Russian Federation. (ADNOC) said on Tuesday it could increase production by several hundred thousand barrels per day if needed. Prices jumped 40 percent between the November 2016 "Declaration of Cooperation" and May of 2018, with the Brent crude global benchmark now hovering near $75 per barrel. Morgan Stanley raised its Brent crude forecast to US$85 a barrel through to the third quarter of 2019, citing a tighter market than previously anticipated.

"Iran's exports are some 2.7 million bpd, including condensate", it noted.

U.S. motorists consume nearly 143 billion gallons of gasoline each year, according to the U.S. Energy Information Administration.

Motorists in California are now paying an average of $3.66 a gallon for regular and $3.92 for premium.

US crude stockpiles rose 1.3-million barrels last week, according to data from the US Energy Information Administration (EIA), against analysts' expectations of a 3.5-million-barrel decline.

An offshore worker climbs a staircase aboard the Chevron Corp. As of last night's close, Chevron shares are trading up about 19.4% over the past year.

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