Trump's policies have caused high oil prices

High oil prices hurting fiscal balance, says Pradhan

De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russian Federation which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls. A senior Iranian official said on Wednesday that Opec should maintain its existing deal to cut oil supply until the end of 2018, maintaining Iran's opposition to increasing supplies.

But unexpected production outages in Venezuela, Libya and Angola have effectively brought supply cuts to around 2.8 million bpd in recent months. "An increase because of external pressure on OPEC is not acceptable", said a source familiar with Iranian thinking.

Bijan Zanganeh is in the Austrian capital Vienna ahead of a meeting with his counterparts on Friday.

"It would seem that an aggregate increase in production for OPEC+ of between 500,000 barrels per day (bpd) and 1 million bpd is the range that is being considered", Tchilinguirian said.

Crude oil is catching some lift in Wednesday trading with WTI creeping into the $65/barrel handle as U.S. inventories deliver a slight drawdown.

Microsoft News launches for Android and iOS, uses AI to recommend stories
It also enables breaking news alerts, includes a dark mode and the ability to continue reading stories seamlessly across devices. The Microsoft News app has been completely redesigned into a lightning fast, modern and handsome experience.

Ecuador said OPEC and its allies could agree to a compromise increase in output of around 0.5-0.6 million bpd.

A decision to increase output could be taken even with Iran refusing to sign up, as has happened before in OPEC.

Crude oil prices have risen 60% in a year to about $75 a barrel due to a combination of factors including healthy demand, supply cut by key producing countries, including members of OPEC and Russian Federation, a sharp drop in Venezuela's output and USA decision to sanction Iran.

Saudi Arabia's Energy Minister Khalid Al-Falih was confident that there would be an agreement at OPEC on Friday, saying today that "Of course we will have an agreement".

Sources said Saudi Arabia did not want to be seen as putting too much pressure on Iran and hence Russian Federation was instead trying to convince Tehran.

England midfielder Dele Alli suffers minor thigh strain
All five of his caps have been gained since last November, though he worked extensively with Southgate in the under-21s. "It felt good.

Zanganeh was due to attend a ministerial committee on Thursday.

Iraq and Venezuela have also opposed a relaxation of production cuts, fearing a slump in prices.

An authoritative OPEC source disclosed in a telephone interview with Vanguard, yesterday, that while Saudi Arabia has openly canvassed for a huge increase in supply, Iran said it would compromise on a small increase in OPEC oil output. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela.

Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum he expected OPEC and Russian Federation to agree a compromise that would see a small increase in global oil production.

In another escalation, India on Thursday joined China and the European Union by increasing duties on various commodities imported from the United States.

New Zealand PM Jacinda Ardern goes into hospital to give birth
Ms Ardern, who was due to give birth on June 17, has not publicly revealed the sex of her baby. Ardern has said she is confident the government will continue to run smoothly in her absence.

Related News:

  • Love Island 2018 Adam Collard get his comeuppance from THIS shock arrival

    Adam became locked in an argument with his current partner Rosie over his growing feelings for new girl Zara. Rosie had tearfully poured her heart out to Adam on Tuesday's episode, only for Adam to smirk in response.
    Black Panther star honours real-life hero at MTV awards

    Black Panther star honours real-life hero at MTV awards

    In another emotional moment, Chris Pratt accepted MTV's Generation Award and shared some advice for his young fans. Tiffany Haddish hosted the event, spoofing both Black Panther and Cardi B's breakout hit Bodak Yellow .
    Pot growers refuse to let go of dream after Kilauea volcano erupts

    Pot growers refuse to let go of dream after Kilauea volcano erupts

    The eruption began on May 3 and has since destroyed hundreds of structures and claimed many acres of arable land. The aid will provide residents with shelter, unemployment, trauma, and legal assistance.
  • Amazon, Berkshire and JPMorgan Pick CEO for New Health-Care Company

    Amazon, Berkshire and JPMorgan Pick CEO for New Health-Care Company

    The venture will be based in Boston and operate free from profit-making incentives, the three companies said in a joint statement. He said it will look for ways to help employees make better choices for their care and give them the best options available.
    Thousands join Modi for world yoga celebration; some wear masks

    Thousands join Modi for world yoga celebration; some wear masks

    Today, people all over the world have come to look upon yoga as something which belongs to them, Mr. Modi also added that in a world of excess, Yoga promises restraint and balance.

    European Union to begin counter trade tariffs against United States on Friday

    Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of USA exports from July 1.
  • When Is the First Day of Summer? The Summer Solstice Explained

    When Is the First Day of Summer? The Summer Solstice Explained

    Some theories speculate that Stonehenge was specifically created to align with the sun, according to Salisbury Stonehenge Tours . People across the globe have been marking the longest and shortest days with summer and winter solstice celebrations .
    Israel arrests former government minister over alleged spying for Iran

    Israel arrests former government minister over alleged spying for Iran

    Equatorial Guinea's police handed Segev over to Israeli police and he was arrested upon arrival in Israel. Segev's life story amazed many people in Israel already during his political career.
    Video Game Addiction Receives Official Recognition From WHO

    Video Game Addiction Receives Official Recognition From WHO

    The WHO said that if gaming takes precedence over daily activities and life interests, then it can be classed as gaming disorder . Addiction gaming is a real condition, the World Health Organization has decided, though not everybody agrees with the conclusion.
  • Damascus condemns US, Turkish 'incursion' in Manbij

    Damascus condemns US, Turkish 'incursion' in Manbij

    Turkey considers the YPG an extension of the Kurdistan Workers Party ( PKK ), which has waged an insurgency since the 1980s. Ankara has said its forces would eventually move into the city itself.
    Telstra hit by another mobile outage

    Telstra hit by another mobile outage

    Telstra later said services "returned to normal levels" but admitted at the time they did not know the root cause of the problem. MVNOs are telcos that use the Telstra network to sell phone plans on to customers.
    Lucasfilm hits pause on 'Star Wars Story' spinoff movies

    Lucasfilm hits pause on 'Star Wars Story' spinoff movies

    Abrams, Star Wars: Episode IX is expected to feature the return of Daisy Ridley , John Boyega, Oscar Isaac, and Adam Driver. Star Wars: Episode X, XI and XII may be a long way off, but Lucasfilm is already laying the groundwork.

Most liked

Pete Davidson confirms engagement to Ariana Grande on Jimmy Fallon's Tonight Show
Pete and fiancée Ariana Grande reportedly just purchased a $16 million apartment in Manhattan's Chelsea neighborhood. Davidson and girlfriend Cazzie David also split around the same time.

WWE star Vader dead at age 63
The big man from the Rocky Mountains chose to push his eye back into place and continued the match for several minutes. He made it clear that he wasn't given much time to live, and always shared updates from his trials and tribulations.

Wawrinka and Cilic cruise through at Queen's
Another big-name victor was three-time Grand Slam champion Stan Wawrinka , who took apart Cameron Norrie of Britain 6-2, 6-3. Wawrinka has struggled to return to peak form since suffering a left knee injury past year , but is on the comeback trail.

Iran keeps World Cup dream alive after losing heartbreaker to Spain
Queiroz was nonetheless proud of his players, and said they would head into the Portugal decider with confidence. They cheered on mundane saves, run-of-the-mill clearances and other defensive minutia.

Diego Costa grabs lucky goal as relieved Spain beat Iran 1-0
Iran had a goal disallowed following a VAR review, while Mehdi Taremi was among those to miss chances for Carlos Queiroz's side. However Iran's defence was breached in the 54 minute by Diego Costa with his ninth goal in nine global matches.

HRC Responds to Trump-Pence EO and House GOP Immigration Bills
He continued to blame the Democrats for the policy, having previously said it is "their law" that causes separation at the border. We are also going to count on Congress, obviously, but we are signing an executive order in a little while.

Except for Messi, Croatia are better than Argentina - Kovacic
Nevertheless, it is 32 years since Argentina last won the World Cup and 25 since their last silverware, the Copa America in 1993. Argentina and Croatia have met only once before at the World Cup with the La Albiceleste winning that encounter back in 1998.

Symptoms, causes, treatment... everything to know about sickle cell anaemia
Nkechi Ezeudu, identified lack of proper awareness as one of the major challenges of sickle cell disorder in the country. Siaya First Lady Rozela Rasanga (right) joins residents in a walk to mark Sickle Cell Anaemia Day in Siaya town.

Mane's Senegal show slick play in win over Poland
The west Africans doubled their lead on the 60-minute mark when the experienced Juventus goalkeeper had a moment to forget. The speedy Mbaye Niang got in front of his defender, nicked the ball away from Szczesny and rolled it into the empty net.

SBS to broadcast rest of World Cup group stage
A decision on which matches will be shown on which network beyond the group stages of the World Cup will be made in the coming week.

PGA Tour Stop Planned in Minnesota
The PGA Tour is also adding an event in Detroit for 2019 , which will likely wind up in the other vacant spot on the schedule. Cavner said tickets for the PGA Tour event will be "reasonably priced" and children will be admitted free.

Spain back on track after nervous win over Iran
Costa had a bust-up with Beiranvand toward the end of the first half after the Iran keeper went down in the box. With Lucas Vazquez replacing Atletico Madrid midfielder Koke, it gave La Roja a distinctively Real Madrid feel.

Google’s New AI System Could Predict When Patients Will Die
Google's AI scored 0.86 in predicting if patients would stay long in the hospital, compared to 0.76 using traditional methods. In predicting inpatient mortality, it scored Google scored 0.95, while traditional methods achieved 0.86.

Burger King apologises for 'sexist and demeaning' World Cup pregnancy ad
Critics hit out at the offer online, blasting it as sexist and demeaning. "It turned out to be too insulting". The first Burger King franchise opened in Miami in 1954.

Millions at risk of chronic flooding this century, new study says
Also, the San Francisco Bay Area, coastal Louisiana, the Eastern Shore of Maryland and beach communities from Texas to MA . A new report projects that Florida is at the greatest risk of any state for tidal flooding caused by rising sea levels.