Oil prices rose on Friday despite the start of U.S. President Donald Trump’s tariff hike on $200 billion of Chinese goods, stoking the trade dispute between the world’s two biggest economies.
India has been pushed into a major quandary with the US President Donald Trump’s flat refusal to waive the sanctions on Iran for another 180 days beyond May one this year, thus, making India and eight other countries scamper for alternate supplies to meet its growing demand for oil as a fuel to keep its lifeline going. So, India has to stop importing crude oil from Iran following the US move (promised by the previous Obama govt) to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes.
United States President Donald Trump may count Prime Minister Narendra Modi among his international allies, but New Delhi is smarting over unexpected US decisions it sees as ignoring the interests of an increasingly close partner.
Iraq is ready to boost oil exports by 250,000 barrels a day to compensate for any shortfalls once US sanctions waivers for Iranian oil end, a government official said Monday.
U.S. officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations.
The Trump administration is comfortable that there is enough oil in the global market months into its program of unilaterally re-imposing sanctions on OPEC-member Iran, the State Department’s energy envoy said on Friday.
Oil edged up to $65 a barrel on Tuesday as OPEC was expected to stick to its production cuts despite pressure from US President Donald Trump, although the prospect of higher Libyan output capped gains.
US President Donald Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (Opec) to keep prices steady.
If timing is everything, why does OPEC seem to keep getting it so wrong? The group’s 2019 oil output cuts got off to a flying start in January and they’re going to get bigger, just as U.S. sanctions on Venezuela start to bite.
US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.