With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing back above 10 million bpd, supplies from the top three producers are increasing. "Not good!" he wrote on Twitter. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!
Saudi Arabia's oil minister said it's "inevitable" that OPEC and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.
This implies that USA crude output, which is already at a record-high of 10.8 million barrels per day (bpd), will also rise further, according to energy services firm Baker Hughes.
Prices, however, were already rising on growing demand and expectations that a sharp pullback in new investment by oil companies would reduce the oil supply.
After maintaining a steady decline in 2015-16, oil prices have begun to rise since the middle of the previous year and the increase has picked up pace in the last couple of months.
Kyrie Irving: "The NBA MVP Was Definitely LeBron"
Those comments came after Irving publicly didn't rule out playing alongside James once again at some point in his career. The Lakers are trying to pry Kawhi Leonard from the Spurs in order to attract LeBron James and maybe Paul George .
Suarez and battle-hardened Uruguay expose Russia's limitations
Uruguay have finished as first round group winners for the fifth time, having done so previously in 1930, 1950, 1954 and 2010. Egypt goalkeeper Essam El Hadary, who is 45, took the field for his team's final group match to set the record.
Australia vs. Peru - Football Match Preview
Australia is out of the FIFA World Cup after a dispiriting 2-0 loss to already-eliminated Peru to finish bottom of Group C. It's last World Cup victory was a 4-1 result against Iran in the first round of the 1978 tournament in Argentina.
"I think the Trump tweet makes the Saudi's job of getting compromise at the OPEC meeting tougher", said Joe McMonigle, senior energy policy analyst at Hedgeye Potomac Research in Washington. Projections are that both the countries are likely to account for more than 50% of future oil demand growth.
Benchmark Brent crude was down 30 cents at $75.58 a barrel by 09:10 GMT.
Meanwhile, OPEC left its outlook for global oil demand unchanged at 98.85 million barrels per day, up 1.65 million barrels a day from previous year.
US crude production has surged over the past eight years thanks to a shale boom, driven primarily by gains in the prolific Permian basin, which stretches across West Texas and eastern New Mexico.
The International Energy Agency - which advises consuming nations - said earlier Wednesday that output from Iran and Venezuela could drop by 1.5 million barrels a day, or nearly 30 percent, by the end of next year because of USA sanctions and economic upheaval.
Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration (EIA). "Prices last month were further boosted to the highest level since 2014 after a USA decision to reimpose sanctions on Iran threatened to curb exports from the Islamic Republic and as economic turmoil in Venezuela hurt the Latin American nation's output", the Bloomberg report said.
But OPEC, Russia and others have said any increase in output would be made gradually. Given the backing of the two largest producers participating in the accord, an output increase " looks inevitable" Citigroup analysts led by Ed Morse said in a report on Tuesday.