(BRUSSELS) JUST IN: The European Commission approves $3.2 billion in retaliatory tariffs on US exports: The penalties on products including motorcycles and denim will go into effect Friday #AceFinanceDesk reports

#AceFinanceNews – June.20: The European Commission announced Wednesday that it had approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion): The tariffs will hit American products including motorcycles, orange juice, bourbon, peanut butter, motor boats, cigarettes and denim. They are a response to the Trump administration’s tariffs on steel and aluminum exports from Europe #AceFinanceDesk reports

“We did not want to be in this position,” said EU trade official Cecilia Malmström. “The unilateral and unjustified decision of the US to impose steel and aluminum tariffs on the EU means that we are left with no other choice.”

The European Union has also filed a case at the World Trade Organization: If the trade dispute continues or is not resolved by the WTO, the European Union said a second batch of American exports worth around €3.7 billion ($4.3 billion) a year could eventually be targeted…………………….That list includes roughly 160 products such as US sunbeds, paper towels, corduroy pants and porcelain tableware.

The United States imposed tariffs on steel and aluminum from the European Union, Canada and Mexico last month. The Trump administration justified the move on national security grounds…………Canada and Mexico have also announced retaliatory tariffs against the United States………..Earlier in June, Mexico imposed a series of tariffs on $3 billion worth of US exports of pork, apples, potatoes, bourbon as well as different types of cheese…………Canada said its tariffs of up to 25% on nearly $13 billion of US products will take effect on July 1.

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(BRUSSELS) EU-Franco-German Deal: The European Commission welcomed on Wednesday a joint position of the euro zone’s two biggest countries — Germany and France — on the key elements of deeper euro zone integration calling it a crucial step for reaching an overall agreement #AceNewsDesk reports

#AceFinanceNews – June.20: “ l think the agreement yesterday between President Macron and Chancellor Merkel represents a crucial political step toward an agreement,” European Commissioner for Economic and Financial Affairs Pierre Moscovici told a news conference

“Experience shows that even if an agreement between France and Germany is not enough for an final agreement it is true that an agreement without such an understanding is unthinkable………………The condition sine qua non is that Paris, Berlin and Brussels move forward together,” he said.

Reporting By Jan Strupczewski, Robert-Jan Bartunek and Julia Echikson (Reuters) – https://t.me/reuters_news/47315

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(WASHINGTON) The Dow opens down 325 points on Tuesday after Donald Trump threatens to slap tariffs on an additional $200 billion worth of Chinese goods which the US government says is punishment for intellectual property theft and will be enacted in two waves: More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6. Another 280 or so still need to undergo a public comment period, and will take effect later #AceFinanceDesk reports

#AceFinanceNews – June.20: President Donald Trump just raised the stakes in the fight with China over trade: The White House said Monday evening that if China goes through with its promise to retaliate against the US tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods #AceFinanceDesk reports
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Stocks in Asia sink as Trump ups the stakes in China trade fight

Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States,” Trump said in a statement: The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports. China, claiming the United States had “launched a trade war,” retaliated almost immediately, outlining its own tariffs on US goods worth $50 billion.

The escalating conflict between the world’s two largest economies has rattled markets and companies, which fear disruption to their global supply chains…………The Chinese Commerce Ministry reacted quickly to Trump’s announcement, accusing the United States of “extreme pressure and extortionist behavior” and warning it would “strike back hard.”

American businesses brace for pain from trade fight with China Trump tariffs, which the US government says are punishment for intellectual property theft, will be enacted in two waves. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6. Another 280 or so still need to undergo a public comment period, and will take effect later.

Trump said Monday that China’s response “indicates its determination to keep the United States at a permanent and unfair disadvantage.” China’s tariffs would target agricultural products, cars and seafood, among other items.

“China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” he said. “Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.”

He directed Trade Representative Robert Lighthizer to identify $200 billion worth of Chinese goods for additional 10% tariffs, which would be enacted “if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.”

In a separate statement, Lighthizer said that he supported Trump’s action and that his agency “is preparing the proposed tariffs to offset China’s action.”

The planned new wave of tariffs would have to go through a similar process of public consultation and comment as the earlier ones before taking effect.

“If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the US move in quantity and quality,” the Chinese Commerce Ministry said in a statement Tuesday.

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion last year, according to US figures) than come back in the opposite direction ($130 billion).

To respond to Trump’s threat to impose tariffs on as much as $250 billion worth of Chinese goods, Beijing would have to find other ways to respond.

Analysts say the Chinese government could target trade in services between the two countries rather than physical products. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

Beijing could also seek to make life difficult for big US companies that rely on the Chinese market for a big chunk of their revenue. It showed a willingness to do that to South Korean businesses last year during a period of tension between the two Asian countries.

Trade war: America risks killing the global growth it needs as top US brands such as Apple, GM and Boeing generate large amounts of sales in China.

In an interview with CNN earlier this month, Apple CEO Tim Cook said he didn’t expect a full-blown trade war to break out and dismissed the notion that iPhones, which are assembled in China, would end up subject to tariffs.

But analysts say it’s unclear which government will back down in the confrontation, predicting both economies will be able to withstand the initial waves of tariffs without much impact on overall growth.

“Neither side will be brought to its knees — which is one reason to think the trade dispute could drag on,” research firm Capital Economics said in a note to clients on Friday. “For China’s part, its leaders will be determined not to be seen to back down to foreign pressure.”

More on the days market news and these tariffs here: https://cnnmon.ie/2t8TwEz pic.twitter.com/2J2GWdPGf0

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(WASHINGTON) Despite opposition from the US Congress, Turkey is set to receive its first F-35 Joint Strike Fighters on Thursday during a ceremony in Fort Worth, Texas, the Pentagon said Tuesday as Lockheed Martin will hold a rollout ceremony and the two jets will follow-on to Luke Air Force Base in Arizona at a later date,” Pentagon spokesman Lt. Col. Mike Andrews told CNN #AceFinanceDesk reports

#AceFinanceNews – June.20: Turkish F-35 pilots and maintainers have arrived at Luke Air Force Base and will begin flight academics soon,” he added: Although Turkey has long been a participant in the development of the F-35 program, the US Senate had sought to block Turkey from receiving the stealth warplanes through language in the National Defense Authorisation Act amid a deterioration of the US-Turkey relationship #AceFinanceDesk reports

The Senate’s version of the defense bill expressed concern over Ankara’s planned purchase of the S-400 anti-aircraft system from Russia and what it labeled Turkey’s unlawful and wrongful detention of Andre Brunson, a US citizen: Many US officials have expressed concern that a major Russian military system like the S-400 would be incompatible with the NATO systems used by Turkey’s alliance partners:

Watch: US F-35 jet fighters arrive in Europe
Watch: US F-35 jet fighters arrive in Europe 00:55

The Senate bill also calls on Secretary of Defense James Mattis to submit to Congress “a plan to remove the Government of the Republic of Turkey from participation in the F-35 program” as well as list the “steps required to prohibit the transfer of any F-35 aircraft currently owned and operated, by the Government of the Republic of Turkey, from the territory of the United States.”

A US defense official told CNN that Mattis is opposed to congressional attempts to block Turkey’s receipt of the advanced warplanes. The official says Mattis has been actively engaging with members of Congress in an attempt to ensure that the language in the Senate’s version of the defense bill does not make it into the final version to be signed by President Donald Trump.

The Senate overwhelmingly passed its version of the defense authorization bill on Monday.

Congressional efforts to block the sale to Turkey have drawn criticism from Turkish officials.

Criticism from Turkey

“We have been in that program, including some joint production, production of the parts of F-35s in Turkey,” Turkish Foreign Minister Mevlüt Çavuşoğlu told PBS earlier this month.

“Turkey has been paying the installments on time, on due time. And Turkey have met all the requirements, but you cannot cancel this because of the S-400s that we are buying. It is a totally different issue,” he added, saying Turkey should not be forced to choose between the US and Russia.

Andrews said the Department of Defense “does not comment on proposed legislation,” adding that “Turkey is a close, key NATO ally, and has been an international participant with the F-35 program since 2002.”

The Senate bill still needs to be reconciled with the House’s version and the final version would need to be signed by the President.

Twelve countries participate in the F-35 program. The nine partner nations that participated in the plane’s development include the US, Turkey, UK, Italy, Netherlands, Canada, Australia, Denmark and Norway. All of these countries except for Canada, Denmark and Turkey have already begun receiving deliveries of the F-35 aircraft. Israel, Japan and South Korea have also received the jets through foreign military sales.

Despite opposition from US Congress, Turkey will receive its first F-35 Joint Strike Fighters on Thursday https://cnn.it/2M752HB pic.twitter.com/ySf5N9vHKl

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(PHONM-PENH, Cambodia.) A Cambodian defense official says China has agreed to provide more than $100 million in military aid to the Southeast Asian nation, a close political ally #AceFinanceDesk reports

#AceFinanceNews – June.19: Defence Ministry spokesman Gen. Chhum Socheat said Tuesday that the aid for training, exercise and equipment was agreed upon over the weekend in a meeting between visiting Chinese Defense Minister Wei Fenghe and his Cambodian counterpart Tea Banh. Wei on Monday also met with Prime Minister Hun Sen: Wei’s five-day trip was undertaken to strengthen military ties and attend a China-Cambodia military exhibition. It concludes on Wednesday #AceFinanceDesk reports

Chinese Defense Minister Wei Fenghe arrives at the Peace Palace for a meeting with Cambodian Prime Minister Hun Sen in Phnom Penh, Cambodia Monday, June 18, 2018. Wei in on an official five day visit to Cambodia. (AP Photo/Heng Sinith)

Chinese Defense Minister Wei Fenghe arrives at the Peace Palace for a meeting with Cambodian Prime Minister Hun Sen in Phnom Penh, Cambodia Monday, June 18, 2018. Wei in on an official five day visit to Cambodia. (AP Photo/Heng Sinith)

China is Cambodia’s closest political ally and a major economic supporter, wooing it into its sphere of influence with millions of dollars in aid and investment over the past decade.

(AP) – https://ift.tt/2I5Uaaihttps://t.me/acenewsgroup/597360

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(WASHINGTON) JUST IN: $50 billion in tariffs could be placed on Chinese products as Trump has approved moving forward with the potential new trade policy, a source has told CNN after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer #AceFinanceDesk reports

#AceFinanceReport – June.15: President Donald Trump has given his approval for the United States to put tariffs on $50 billion of Chinese exports, according to a source with knowledge of the situation: An official announcement is expected on Friday…………The president’s green light came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer #AceFinanceDesk reports

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The move represents a serious escalation of trade tensions between the world’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico and the European Union over steel and aluminum:

It was first reported by Bloomberg.

Beijing previously said it would respond to American tariffs on $50 billion worth of Chinese exports with retaliatory tariffs on $50 billion of US products such as cars, planes and soybeans.

For months, Trump has slow-walked threats of tariffs against China as punishment for intellectual property theft.

Related: China is killing his business. Tariffs could make or break it

He first announced that the United States would impose trade penalties on about $50 billion of Chinese goods in March.

“We have a tremendous intellectual property theft problem,” Trump said at the time. “It’s going to make us a much stronger, much richer nation.”

After China warned it would retaliate, Trump threatened tariffs on a further $100 billion of Chinese products.

In mid-May, both sides announced a ceasefire after two rounds of trade negotiations.

The countries said in a joint statement that China would “significantly increase” purchases of US agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. Mnuchin subsequently declared the trade war “on hold.”

Ten days later, the White House abruptly said it would proceed with the tariffs, along with new limits on Chinese investments in the United States.

The Trump administration said it would finalize the list of goods that would be subject to 25% tariffs by June 15, and that the tariffs would go into effect “shortly thereafter.” An initial list, which including items ranging from artificial teeth to flamethrowers, was released at the beginning of April.

A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs.

On Thursday, Chinese Foreign Ministry spokesman Geng Shuang reiterated that China would not honor its pledge to increase purchases of US goods if tariffs were imposed.

IMF chief warns US about trade, deficits

The Trump administration last week cut a deal with Chinese telecommunications firm ZTE to end a crippling ban that prevented the company from buying American parts. ZTE’s fate had become entwined in the trade talks. But the agreement to save the company has faced resistance from lawmakers in Congress, who argue the ban should stay in place because ZTE allegedly poses a security threat.

Trump’s decision to move forward with tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.

Those penalties have been met with consternation by world leaders, and led to a fraught G7 meeting with Canada, France, Germany, Italy, Japan and the United Kingdom last weekend.

After the G7 summit, Trump sent out an angry pair of tweets in which he slammed Canadian Prime Minister Justin Trudeau as “very dishonest & weak,” and ordered US representatives not to sign a joint communique with the G7 leaders.

The European Union and Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.

Ace Newsroom Live: https://t.me/SterlingPublishingPanel/176491

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(BERLIN, Germany.) German lawmakers approved on Wednesday a $600 million military deal to lease several Heron TP drones manufactured by Israel Aerospace Industries (IAI), part of a deal with Israel estimated at roughly a billion dollars #AceFinanceDesk reports

#AceFinanceReport – June.14: IAI confirmed the agreement was signed with Airbus to lease the company’s Heron TP Medium Altitude Long Endurance (MALE) RPASs (remotely piloted air vehicle system) to Germany’s Federal Ministry of Defence pending approval of the German federal budget, which is expected in the second half of 2018 #AceFinanceDesk reports

Under the nine-year deal, Airbus DS Airborne Solutions GmbH will serve as the prime contractor responsible for managing all aspects of the project, including operational support and maintenance throughout the term of the agreement.
Israeli Prime Minister Benjamin Netanyahu commended the German government and parliament for approving the deal, stating that he discussed it with German Chancellor Merkel during his meeting with her in Berlin last week.

“This is a great contribution to the Israeli security industry and to the Israeli economy. The giant deal is an expression of the strategic partnership between Germany and Israel and attests to the potential of Israeli industry to contribute to countries such as Germany,” Netanyahu said.

According to reports in Hebrew media, details of the deal include a payment of approximately €720 million to IAI for the leasing of the drones and another €180 billion to be transferred directly to the government of Israel for the use of airports and other infrastructures that belong to the Air Force.
The drones will serve as a stop-gap measure for the German army before a European-based system is introduced.

The Heron TPs are IAI’s most advanced UAVs with a 40h endurance, maximum take-off weight of 11,685 pounds and a payload of 2,204-pounds. They can be used for both reconnaissance as well as combat and support roles and can carry air-to-ground missiles to take out hostile targets.

In early April it was reported that Germany was set to sign a €1 billion contract with IAI to lease five armed Heron-TP UAVs but the deal faced opposition from the center-left Social Democrats (SPD) because the drones could be equipped with weapons.
According to DPA, Defense Minister Ursula von der Leyen stated that the decision marks “an important signal” to the German army as the UAVs could deliver images with better resolution, fly longer distances and provide the German Army with intelligence capabilities and support for its missions around the world.

In 2009, IAI delivered Heron-1 systems to the German air force that became operational six months later and have since been used extensively in collaboration with Airbus, which handles the upkeep of the drone.
The deal comes several months after IAI opened a new office in the German capital of Berlin to support its growing business in the European market.

The office replaced the company’s market in Paris “due to Germany’s central role in Europe and its strong alliance with Israel,” read a statement released by IAI at the time, adding that Germany is regarded as a key European market and as a partner for co-development of defense and aeronautic technologies.
“We regard Europe in general and Germany in particular as high-potential markets for military and civilian solutions,” IAI executive vice president of marketing Eli Alfassi said. “The opening of the Berlin office is part of our marketing strategy to bring our technological solutions closer to our customers and personalize them to their needs with high quality and in real time.”

Israel and Germany green light billion dollar killer drone deal https://t.co/ZjaaQH1XlD
— The Jerusalem Post June 14, 2018: https://t.me/acebreakingnews/848945

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MARKETS: #US Markets lose ground after Fed signals faster rate hikes. Dow falls 120 points, or 0.4%. Nasdaq ekes out record high. Media stocks jump after AT&T wins Time Warner court ruling. 21st Century Fox leaps 8% and CBS jumps 4%. #AceFinanceDesk reports

#AFNews – 14/06/18: Markets lose ground after Fed signals faster rate hikes. Dow falls 120 points, or 0.4%. Nasdaq ekes out record high………….Media stocks jump after AT&T wins Time Warner court ruling. 21st Century Fox leaps 8% and CBS jumps 4%.

https://cnnmon.ie/2sSJ43Y #AceFinanceDesk reports

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(WASHINGTON) JUST IN: Federal Reserve raises interest rates for second time this year by a quarter of a percentage point and more are on the way with policy makers promising at least three more this year #AceFinanceDesk reports

#AceFinanceReport – June.13: The Federal Reserve on Wednesday lifted its benchmark rate by a quarter of a percentage point, the second hike this year: And a majority of policy makers now expect a total of four interest rate increases this year. Fed officials had been split about whether to raise rates three times this year or four………Policy makers said in a one-page statement that the labor market “has continued to strengthen” and than economic activity “has been rising at a solid rate.” ……………..The federal funds rate, which helps determine rates for mortgages, credit cards and other borrowing, now stands at a range of 1.75% to 2% #AceFinanceDesk reports

Discover the English innovator who has found a way to convert the every day act of walking into an energy source for the future: Investors were expecting Wednesday’s quarter-point increase. The Fed is raising rates gradually to keep the economy in check as inflation creeps higher and the job market grows even tighter.

The unemployment rate is 3.8%, the lowest since 2000 and tied for the lowest reading since 1969……………The Fed offered an improved forecast for unemployment this year, lowering its forecast to 3.6%. It also forecast an even lower unemployment rate of 3.5% for 2019 and 2020: CNNMoney (Washington) First published June 13, 2018: 2:01 PM ET: https://t.co/Ed3hWyNraKhttps://t.co/UCZfjIQD8H

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(NEW YORK) Oil prices fall on worries that global supply is climbing after US inventories rose #and could peak in early 2020 if countries hit climate targets #AceFinanceDesk reports

#AceFinanceReport – June.07: Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output: U.S. crude inventories rose 2.1 million barrels in the week to June 1, the Energy Information Administration said, a surprise after analysts had forecast a decrease of 1.8 million barrels. Fuel inventories also rose …….. “Oil prices are being clobbered by a surprise build to crude stocks as total imports jumped higher, blunting the impact of higher refinery runs,” said Matthew Smith, director of commodity research at ClipperData in Louisville, Kentucky #AceFinanceDesk reports

U.S. crude output hit a record of 10.8 million barrels a day in the week, according to the EIA’s weekly report. Rising production has prompted selling since global benchmark Brent climbed above $80 a barrel last month: “The continuing increase in crude oil production is weighing on the market, and quite significantly compared to this time last year,” Andrew Lipow, president of Houston-based Lipow Oil Associates. U.S. oil production is up 1.5 million bpd from a year earlier.

U.S. light crude settled down 79 cents, or 1.2 percent, at $64.73 a barrel. Brent pared losses late in the session, settling down 2 cents at $75.26 a barrel. In post-settlement trade, Brent turned positive, rising 18 cents a barrel.

As U.S. crude dropped more quickly than Brent, the spread between the two widened by 6.5 percent from the previous session to as much as $10.74 a barrel. <WTCLc1-LCOc1>.

India’s oil minister said his Saudi counterpart told him the kingdom was revisiting its policy of cutting production, which has supported prices.

The U.S. government has unofficially asked Saudi Arabia and other OPEC producers to boost output, sources told Reuters on Tuesday.

OPEC and Russia will meet on June 22/23 to decide whether to increase production. The producers have been considering a supply increase of up to 1 million barrels per day, sources told Reuters.

“The oil price is being driven by OPEC and views on how much and how quickly ‘OPEC plus’ will raise output,” Energy Aspects analyst Virendra Chauhan said.

Balancing those expectations has been falling production in Venezuela, which has the world’s biggest oil reserves and is a key supplier to American fuel markets. Its output has been hampered by inadequate investment, mismanagement and U.S. sanctions.

Three sources have told Reuters Venezuelan state firm PDVSA is considering declaring force majeure on some exports.

U.S. sanctions on Iran also threaten to reduce oil exports from that OPEC producer.

“It’s a tug of war between the loss of supply from Venezuela and Iran and the potential output increase from OPEC and U.S. shale,” said Tony Nunan, risk manager at Mitsubishi Corp. “$80 is a temporary ceiling for oil until we hear from OPEC.”

Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose: Mail Online https://ift.tt/2HoQwbjhttps://t.me/acenewsgroup/514592 (Additional reporting by Florence Tan in Singapore and Osamu Tsukimori in Tokyo and Christopher Johnson in London Editing by David Gregorio and Chizu Nomiyama)

Global oil demand could peak in the early 2020s if countries pull together to hit climate goals, or keep growing until 2050: https://ift.tt/2Hp44Duhttps://t.me/acenewsgroup/514594
#AceFinanceNews

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