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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (44645)6/8/2018 2:35:19 PM
From: Goose94Read Replies (1) of 202843
 
Crude Oil: The U.S. reportedly asked Saudi Arabia for higher oil production to offset Iranian outages, a request that was made before the U.S. withdrawal from the Iran nuclear deal. The apparent sudden shift in the Saudi position shortly after the conversation has angered a lot of OPEC members. “It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela,” Iran’s OPEC governor, Hossein Kazempour Ardebili, told Reuters. “OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years’ cooperation among competitors,” he said. The comments raise the possibility of a contentious meeting in Vienna. Venezuela wrote to OPEC members, issuing a call to denounce U.S. sanctions.

Trump’s 25 percent steel tariffs on Canada, Mexico and the European Union could drive up the cost of oil production in the U.S. shale patch if the industry is not granted exemptions. Also, oil and gas pipeline construction relies on specialty steel, about 75 percent of which comes from outside the United States. Steel makes up 10 to 20 percent of the cost of drilling a shale well, and half of the steel for drilling is imported. The tariffs are already having an impact – U.S. steel prices are up 20 percent since February.




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