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U.S. President Donald Trump dismissed fears of an economic slowdown and defended his trade war against China on Tuesday, adding that his administration is contemplating tax cuts on profits from asset sales as well as on wages.

Late on Tuesday, industry group the American Petroleum Institute reported that U.S. crude inventories dropped last week by 3.5 mil bbls, with crude stockpiles at Cushing, Oklahoma down by 2.8 mil bbls,API said.

Major OPEC and non-OPEC oil producers involved in output cuts have achieved much deeper production curbs than anticipated by their agreement, Russia’s TASS news agency reported on Tuesday. Citing a source from the technical committee of OPEC+, TASS reported that July’s levels of compliance with output cuts stood at 159%. OPEC's compliance level in July was at 156%, while non-OPEC producers delivered cuts amounting to 166% of their commitments.

The Trump administration has removed nearly 2.7 mil bpd of Iranian oil from global markets due to the re-imposition of U.S. sanctions, according to U.S. Secretary of State Mike Pompeo on Tuesday.

The U.S. will take every action it can to prevent the Iranian oil tanker Adrian Darya 1 from delivering oil to Syria in contravention of sanctions, U.S. Secretary of State Mike Pompeo warned on Tuesday. "We have made clear that anyone who touches it, anyone who supports it, anyone who allows a ship to dock is at risk of receiving sanctions from the United States," Pompeo told reporters at the United Nations. "If that ship again heads to Syria, we will take every action we can consistent with those sanctions to prevent that."