US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel’s agreement to cap production.
“Oil prices are too high, OPEC is at it again. Not good!” he wrote on Twitter.
Oil prices peaked in late May, hitting the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.
Traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.
In April Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices — a remark that drew a swift reaction Trump.
“With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” Trump tweeted on April 20.
OPEC producers and non-OPEC countries struck a deal in 2016 to trim production by 1.8 million barrels per day to reduce a global glut of oil.
The deal, which is due to run out at the end of 2018, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.
The View audience goes wild when Meghan McCain and Abby Huntsman get schooled on democratic socialism
Both conservatives on "The View" warned of the dangers of democratic socialism, but co-host Joy Behar drew a rowdy response with her impassioned defense of wealth distribution.
The panelists were discussing Sen. Elizabeth Warren's climb in the polls, and Meghan McCain speculated about the possibility of the Massachusetts Democrat heading into a contested Democratic convention with Joe Biden and Sen. Bernie Sanders.
"I happen to love Elizabeth Warren," Behar said. "I think she would make a magnificent president, and I think this whole talk about she's too far to the left is a lot of hooey, frankly."
House GOP loses yet another incumbent as California’s Paul Cook announces retirement
Another day, another retirement for House Republicans.
The Los Angeles Times reports that Rep. Paul Cook R-CA) is heading for the exits and retiring at the end of his term in 2020.
Instead of serving in Congress for another term, Cook will run for a seat on the San Bernardino County Board of Supervisors, the congressman's chief of staff tells the Los Angeles Times.
Even though Democrats made major gains in California during the 2018 midterm elections, Cook's district will be difficult for the party to pick up. Cook last year won reelection with 60 percent of the vote and his opponent wasn't even a Democrat, but fellow Republican Tim Donnelly.
Strike on Saudi oil field likely launched by Iranian ‘proxies’ inside Iraq
The drone strike on an oil field in Saudi Arabia on the weekend was likely launched by Iraqi militias affiliated with Iran, said France 24’s terrorism expert Wassim Nasr.
“It’s the most plausible version,” he said.
And it wouldn’t be the first time such strikes have been launched from inside Iraq by Iranian-backed forces, Nasr explained. Between April 2018 and July 2019, three reported interceptions or strikes targeted a Saudi pipeline running from the east of the Kingdom to the Red Sea, disrupting the transport of oil.
The technology was also evidently a Houthi missile based in Iranian technology, a Quds-1 missile that is a smaller and “better” version of the Iranian Soumar missile, Nasr said.